As said already, no company can hand back the keys at will. That's totally incorrect and there's no 'effectively' about it. If it wasn't in the contract, it can't be done unless you want some rather serious punishments, like losing other franchises.
First was perfectly entitled to take the option, and if it loses the franchise next time around then it did so earlier than it otherwise might have done - so there IS a risk to the company.
First was perfectly entitled to take the option, and if it loses the franchise next time around then it did so earlier than it otherwise might have done - so there IS a risk to the company.