The bad situation was your bad owner. That's the "hole".
I don't know if you've read a newspaper recently, but you've now got a much worse owner. That is, if you believe that a football club actually matters beyond money. You're in a much bigger hole, and it's filled with blood.
And yet here we are, a week on and Newcastle fans are still reflexively defending the new owners. Lauding them, writing songs, making signs in their honour. They've hollowed out your club, using its corpse as a puppet to distract the world from what they are and what they've done. You haven't won, you shouldn't celebrate. Where's your protests? Christ knows you lot love writing on bedsheets. Where's the anger?
An apathetic owner has sold a club to a despotic one, and its fans are licking their boots. It's bizarre.