According to my mate (the solicitor) - his "connections" say that administration is miles off as the club is being run (financially) well enough to ensure that it doesn't happen when you take the parachute payments into account. I've no idea how true it is, but he knows his stuff with things like this as finance is one of his specialties.
According to him we aren't spending more than we're making at present. If we'd spent the £30m Pickford Money and ended up in the same place as we are right now, administration in the close season would be very realistic, but we used that as income to offset a percentage of the debt. As most of the squad had relegation clauses, the outgoings have dropped significantly meaning that the income from last season coupled with the parachute means that we're currently OK.
As I say, I don't know how true any of this is - it isn't my "opinion" based on what I've been told.