The £17M is a bit of a red herring anyway.
Even without that, current debt isn't the biggest problem.
The biggest problem is that they're losing over a million a month with no assets except the squad, which is itself now relegation threatened with no prospect of being strengthened.
Ah well, Blackpool fall behind, West Ham don't have any sort of decent keeper backup for the next three games, so not the worst outcome we could have had.
Since the previous CVA has been reduced without the creditors agreeing to it, they've failed to exit the previous admin via the agreed CVA.
I reckon the total points deduction heading their way could well kill off any remaining interest from buyers.
Pretty much.
Admin has delayed the immediate problem of the WUP, but it was a relatively small debt that pushed them into that.
It still doesn't solve the problem of income not being nearly enough to cover costs, which is what's been putting off buyers more than anything else.
Once again they're on a clock, but without Andronikou's incentive to keep them going.
That's not cut and dried.
They still have Chanrai with the keys to the stadium, and Gaydamak with the land.
In fact, now that Chanrai's lost his puppet, he may well claim the stadium, as I'm pretty certain they'll have missed payments on it.