One of the big issues is the losses made over the last two season. The club will surely want to cover that at some point and if not now then when? I know we have players to sell if that becomes a necessity but most of the value is in the remaining length of the contracts and extending contracts affects cash flow.
I'm trying to temper expectations here, if we were to go down we'll want it to be in good financial health that's for sure not with huge losses and players wanting out.
Although IIRC, I don't think people accepted their squad as prem-ready other than Toney. If a few of our players stepped up in the way they did (Thomas, Grimes, Rudoni, EMC) & we get lucky with injuries we could stay up with less than people think
When we sign players the spend is amortized over the length of the contract and appears as a loss on the accounts because we would no longer have the assets. So even if the cash flow is covered from income, the loss is still made eventually unless some or all of the players are sold on.