If it was debt their owners couldn't afford to pay, then yes.
The Skates didn't cheat to get into the Premier League. Neither did we, or Fulham or Wigan, or even Blackburn back in the early 90's.
Mandaric, Leibherr, Al-Fayed, Whelan and Sir Jack Haywood took on the clubs and paid the way.
The cheating for the Skates came when their wages/transfer fees went stratospheric under the leadership of Gaydamak/Storrie/Redknapp. A spend money we don't have sod all the consequences approach, that was cheating. Their two cup finals were a byproduct of that approach.