So basically they can live outside their means, spend loads of money on rubbish players, owe money left right and centre and then get away with it because they're a football club with a lot of history. There have been countless british companies, that arguably have a longer tradition and more direct impact on jobs (Rover and woolworths to name but two), which have been made insolvent and collapsed. I really can't see why a football club should be treated any differently.