The club has been forced into admin by the courts because of the Oystons, rather than the club itself being negligent. I know it's semantics, but the situation is slightly different.
BREAKING NEWS
Paul Cooper in his role as Court Appointed Receiver has today made a number of major changes to the structure and day-to-day running of Blackpool Football Club (Properties) Limited and Blackpool Football Club.
As the Receiver of the shares in both Companies, he has made the...
I think they have been losing money hand over fist, which is why the club didn't have any investment. I've been following some of the court case, which makes for very interesting reading.