The announcements were indeed very quiet regarding who the ROSCO for the 197s was - the only place I've seen an answer was a Modern Railways article which had a table of various fleets with their owners. If I recall correctly each of the new TfW fleets was to be owned by a Special Purpose Venture (single-fleet ROSCOs) - possibly Cambrian Rail Leasing Number 1, 2 and 3?
Yes, that makes a sort of sense, although whether it now does with Keolis-Amey out of the picture is anyone's guess.
It probably also means that a complicated banking consortium has put up the cash.
I think it also means that TfW will be doing its own maintenance on the CAF fleet, as I believe is the case with Northern.
It rather goes against the trend for manufacturers to do that, taking over the TOC depots in the process and taking on the long-term fleet reliability risk.
CAF, without a UK maintenance operation, don't seem to have offered that route for their trains, unlike Hitachi, Siemens and Alstom/Bombardier.
Stadler is delivering maintenance for their GA, Merseyrail and Nexus fleets, but not apparently for TfW.
It feels like there is a hugely complicated contractual structure out there to deliver the TfW fleets into service, most of which has been kept under wraps so far.
I guess it's what you hire a new MD for.