Dunno what to think of this to be honest. My head says "does anyone actually believe a world class coach like Toovey would come to a Championship side. Never mind a Championship side on -10".
But then I think:
Well Tim Sheens is at Hull KR (albeit an SL side when he joined) and I consider him a world class coach. Also the damage of reputations. The new owners have done so well so far and for Toovey not to be coach would turn a lot of people against them. Also Toovey's reputation would be slightly damaged in the fact he has accepted the head coach role only to not follow through with it.
As Bullmania said above though. He has been heavily involved in all ranks of the Bulls and has even been in touch with local amateur clubs to form club links. Certainly looks like he wants to stay and is just making the most of not being able to coach by doing somethings behind the scenes. Seems to be involved with a few signings as well (see the Phoenix signing newspaper announcement), it clearly states he is looking forward to working under Toovey which suggests to me he will stay.