Actually, it should never have been any SFL chairmen's decision on this matter. None of those clubs created this mess and there are associations with their rules and people in charge to handle all of this.
But here we are because of passing the buck and a bit of underhand shenanigans.
The question of whether there should be a First Division with a Newco, with some cobbled together reconstruction that hasn't been thought out fully, for the best for Scottish football mind, is a mechanism that has been created to get some out of a hole.
The only question that ever should have been to the SFL chairmen is if they wanted to accept a Newco into Division 3.