There's nowt like being overly dramatic. The club isn't dying, it's "just" going to be relegated to league 1. Yes, it's a pisser, but league 1 football won't kill the club. Being unable to pay the debts off might kill the club though.
This. It's shit going to league one but it happens to big clubs that are ran like shit. We just have to accept it and hope that, with the parachute payments still coming in and more and more high earners leaving, we can address the external loan at the end of next season and look to build again.
League one should be the furthest we fall (I do stress the "should" mind!). FFP will assist us there, the academy should be producing several players good enough to at least play a part and hopefully enough fans will stick with us to see us okay financially. The last few years have been shit, the next couple might not be much better, but at the end of it we'll hopefully have a much more manageable debt and will start rebuilding. Call me an optimist but I'm confident we're near to reaching the lowest point, just need to endure a bit more pain before it improves!