The club's biggest shareholder could realistically block the boards plans to raise a potential £2 million if required in the future when the matter is put to a vote at this year's AGM on Friday.
Laey has so far declined to make public his views on the proposal, let alone reveal how he will vote on the matter, and this has caused some consternation with certain members on the board, who would like to see the safeguard in place before the transfer window opens in January.
All 43,000 shareholders are entitled to vote on Friday, which would allow the board to generate needed revenue by issuing more shares, but the matter rests on Lacey, who holds a 29% stake in the club.
This is not the first time the Isle of Man-based business man has been cast as the villain of the piece after his sudden interest in the club last season almost derailed Chairman John Berylson's takeover of The Lions.