A very bizarre analysis. Full of ifs and maybes.
The current outlook, which is virtually guaranteed, is that they'll fail to qualify for Europe next season and that will cost them something like £30m in matchday revenue, £50m in domestic and European broadcasting revenue and probably £20m in sponsorship.
Their operating cashflow was around £100m and free cashflow in the last financial year was £85m, so that's all their free cashflow potentially wiped out. That means very little available to spend, for a side that needs a huge rebuild. And they've got to find the cash to pay their transfer debt as well. And nearly £160m of that free cashflow was for an issue of shares, which was a one-off. So they could be looking at a massive cash outflow in the next FY.
Some of that will possibly be offset by a lower wage bill and maybe lower expenses but that's a hell of a mountain to climb considering they've not even got to the bottom yet. I've always said that 2 consecutive seasons out of the CL (which they've not suffered as yet) could be a tipping point. Two consecutive seasons without any European football could be an absolute game-changer for them (and not a good one).
If that happens they aren't winning anything in 2028.