If I remember the debt was accrued either from relegation from the premiership or from the enormous wage bill that the parachute payments would not cover.
And probably the changing faces in the boardroom. With the death of Philip Garside, the money dried up. (Hope that is right?)
I might not be exact enough, but you can't afford to go down again, but it is likely!
You are in reality, a business going rapidly south faster and not in control!
That is what happened to my club, though slightly different, because our money dried up and our budget was not enough to be viable for a league club.
No investment means no success!
Not many teams survive without a decent cash flow.
And now you are seeing how absurd the money the premiership has and doesn't work for those who don't have financial backing!