What if #3 Vince McMahon Sr sells to his 3 partners instead of Vince Jr?

In 1982 Vince McMahon Sr sold the WWF to his son Vincent Kennedy McMahon with one stipulation: if Vince missed even just one of his quarterly payments, the company would go to Vince Sr's three business partners: Gorilla Monsoon, Phil Zacko and Arnold Skaaland.

What if Vince missed a payment and the company went back into the hands of the three mentioned?
What would become of Vince jr?
Would wrestling still be territorial?
Who would be #1?

Discuss.