It depends on the nature of the hedge fund itself, i.e. how it is managed. The club/parent company could be one of many assets and strategies can vary from speculative to risk managed I believe - and in a variety of markets. So on the upside you would share in the profits of a successful fund, alternatively a stable business (cough, splutter) could be seen as a risk avoider, i.e. balancing the risk taken in other parts of the fund. If you assume that in the proposed deal the club is a separate entity it could as a result be protected from the risks of the fund - positive or negative.
At least I think that's how it works ...
