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Interesting piece in The Athletic on transfers 14:12 - Jan 24 with 728 viewsSmithersJones

And maybe relevant in the Downes / Wolf situation. An agent quoted as saying:

"Once a billionaire owner says "He's not for sale" you are dead. Deal. Does. Not. Happen ...I don't mind a manager or CEO saying "not for sale" but if an owner says it, you ain't going nowhere because their own credibility is on the line and they don't want to be embarrassed"

To be fair the article is in the context of players forcing transfers, but I suspect the 'owner's credibility and ego' angle is still the same.
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