All seems a bit smelly here!
Apart from Edinburgh University, where there is a hot-air balloon club, and some gliding clubs I wasn't aware of any other university flying club in Scotland.
If the aircraft hasn't flown for since 2014, where has it been and who has been paying for the hangarage? And if stored outside and not used, it will be well corroded by now!
I have often tried to get Glasgow and Edinburgh-based students to think about setting up a flying club - we could do a good deal here at Strathaven, I am sure. But never found any takers.
I would be very surprised if the Sports Union hadn't made certain clauses in the flying club's constitution a part of the original funding deal. This would then specify where the aircraft ownership and right to sell would ultimately lie.
As a not-for-profit, we have such clauses in the articles of association for Strathaven Airfield Ltd, so any surplus cannot go back to the landlord or to the members or users.