You would need some sort of permission first, and probably a reason other than just fancying doing it. Probably even more tricky if it’s a mid terrace.
If the P shares are sold, the bondholders “only” need £26m for the arena, if that sum isn’t reached they will go after the guarantors (who admittedly are now all in administration). Payback was never entirely assured and not covered by the FCA.
https://www.englandrugby.com/dxdam/7c/7c9084f4-5c11-4044-a696-0559bc3792f5/Regulation%205%20Appendix%202.pdf
It actually says 3 years.
The Ground
15. The Phoenix Entity will need to provide evidence satisfactory to the RFU that it will be entitled to use the usual home ground of the insolvent...
Assumes the buyer wants to keep the football pitch part of the complex. If they are the buyers, NEC Group aren’t much into sport are they? What’s to stop them knocking down the stands and creating more exhibition/indoor event space?
The need for planning permission.