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Well effectively they DO. If they don't approve it, it can't go through - so in essence 'not approving' it, IS 'vetoing' it.

Portsmouth did, in 2010 http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8538457.stm (and again in 2012 as a Championship club)

Surely the existing owners can just set up a new company, called say, 'Everton II' within the Everton Football Club structure, and sell the stadium, training ground or groundsman's hut to that new company for £50m :shrug: