Oh, yes. My argument is that the club would have survived, but it might not have been in a form that would have attracted the current ownership.
As I say, there may well have been an issue with the stadium had we stayed down. The binding agreement for us to move wasn't signed until the opening day of the following season, and informed sources suggest that City staying down might have caused issues.
It was also a good season for us to go up, because the second tier the following season was relatively weak, which allowed us to go straight though. Had we made it up a season later, teams like Fulham, Bolton and Blackburn (who all had major financial backing then) had got their act together and were much improved compared with the season we went up under Royle. I don't think we'd have got promoted ahead of teams like that.
The other point that DD raises, and which is valid, is the psychological effect on the club. It gave us an enormous boost to come back from the dead in the way we did, whereas the opposite might have been the case if we'd stayed down.