We've gone a little "off-thread" here, but as far as the quote I've highlighted, the EL, under the Sky agreement as I understood it (it might have changed), is that the EL has to have a minimum number of teams in it (not sure if it's 7 or 8), so to say drop down to the PL might be easier said than done.
Also, as to your first question, yes, there will be dogs at the new stadium.