I think they overlook what caused our first administration event and that those circumstances are very unlikely ever again.
We had the bank threatening to pull credit, which they pretty much eventually did as they were owed £20m+ and the big tax case was just rearing its head with figures of £40-80m owed being banded about.
No sane investor would have touched us and once the bank got their money and scarpered, no other bank was likely to give us loans or credit due to the BTC looming, logically no other bank is going to get involved.
I imagine we are now spending within our means, have a bank that is comfortable lending us money, have raised a few million with share issues etc. We also have a squad worth around £100m if we believe various reports, so if we did find ourselves in an awkward position, selling Morelos for a discount £10m (which we would get easily) would prop us back up.
And if we needed more I’m sure the fans would stump up £10-20 million if need be.