(a) A proposed transferee of an interest who desires to participate in any manner, whether financially or otherwise, in the operation of the licensed establishment or games prior to actual completion of the transfer of interest in accordance with the foregoing rules shall make written application to the Arkansas Racing Commission for permission to so participate, setting forth, under oath, facts showing the necessity of such participation, together with the following information to be given under oath:

1. (1) The extent to which and the manner in which the proposed transferee desires to participate pending completion of the proposed transfer;
2. (2) A complete financial statement and a statement showing sources of all funds to be used in connection with the proposed transfer of interest and in the participation prior to transfer;

3. (3) A full and complete statement of the proposed plan for effecting the proposed transfer of interest, including:

   1. (A) The extent of the interest to be transferred;
   2. (B) The date on which it is desired to complete the transfer;
   3. (C) The total consideration to be paid and the time and manner of payment thereof;
   4. (D) Details of any other financial arrangements between all parties involved; and
   5. (E) Details of all other pertinent arrangements between the parties;
4. (4) Full, true, and correct copies of all documents pertaining to the proposed transaction or transactions, including all agreements between the parties, leases, notes, mortgages, or deeds of trusts, and pertinent agreements or other documents with or involving third parties;
5. (5) The names and addresses of all persons with whom the proposed transferee expects to be associated in connection with the operation of the licensed games or establishment, or both, both as to the period pending completion of the transfer and thereafter; and
6. (6) A full and complete statement of any proposed changes in manner or method of operation of the licensed establishment and any proposed changes of or additions to supervisory personnel, both as to the period pending completion of the transfer and thereafter.