Adkins is the luckiest manager in all 4 divisions right now. Any other club he’d have been sacked. Appallingly abysmal record - even with the players he has we shouldn’t be as bad as we are.
In a way it is reassuring, you are right under normal circumstances he would have gone. IMO the fact that he has not gone yet, does lean towards the fact that new owners are on the horizon. As you say he is lucky that this is the current situation, but he probably knows he is a dead man walking.