I also have those worries mate, i actually certain we will get relgated within three seasons without David Moyes, he is worth 100s of millions to Everton in many ways, the board know this, he is essentially a cash cow for us.
If we were relegated, we wouldnt go into administration, their is to much value in the squad. There is to much value in the squad, yes we would sell the likes of Baines, Fellaini etc but selling say 5 member of our squad would have us in a healthy position - with possibly finance to reinvest and start again. When it comes to our debt you always have to remember that home growen players like Rodwell, Barckley, Osman, Hibbert haveno value on the accounts. Selling these players would have us in the black easily. We are a lot better positioned to cope with relegation then most other clubs in the the PL. The likes of Villa would prob go into administration and it will be intresting to see what happens at Brum if they go down.
Borrowing to buy players is a fools errand, Villa, Pompey, WHU, Leeds it never realisticly works because you need to be able to gaurentee a return on your investment and the only way of doing that in regular gaurented CL football which can never be gaurenteed - City have dropped 200 mill to give it whirl, no toher team can do that.
The only show in town for us, is infrastructure, im not against taking on more debt but for the right reasons. I wouldnt mind borrowing 170mill if it meant building a new 60,000 seater stadium. Arsenal have gaurenteed they will be a top club for the next 100 years by investing in the Emirates - this IMO is the only show in town for us, to progress. Looking for an owner to invest, provides short term gain, but our goals need to be more long term. like i say self sustainability in the key.