A fair point, but do you really think he would have done worse than Luggy. Maybe, Hoddle would have been little more than average. Even this would probably been enough to keep us up and start the rebuild. No, Luggy lost the dressing room. This destabilised the club and set off a chain reaction that ended up with us being relegated and very nearly bankrupt.
In the end we were very lucky that Markus rescued us and it all turned out well. However, that does not change the fact that the appointment of Luggy was an awful decision and one that we could have still been suffering by today.