Yes but there is no relegation in US sport.
Very fair point, but the ego of a person spending £200 on a football club doesn't believe it has to worry about relegation. When Randy Lerner bought the team, even though he knew relegation existed, he never thought it'd be his problem.
Tell that to the chap who bought Fulham or those guys at Blackburn. Anyone who buys a PL club without understanding the threat of relegation is an idiot, pure and simple and I wouldn't want them anywhere near our club.
As for Lerner, I'm sure he did know about it and I'm sure he never thought it was going to be an issue but then I'm sure he never planned on doing such a terrible job of running the business either.
That's my point. Anybody buying a club knows it's there, but it's the whole "that will never happen to me, I'm too good/smart/handsome" etc