It's been around a long time so obviously the owners were responsible. You still get very small clubs doing well (Forest Green Rovers are in the Football League) when they have committed owners. And those beneficiaries who have supported a club would normally leave without letting them be liquidated. It is relatively unusual for clubs to get liquidated as well, people expect that it won't happen in most instances. There's only a few I can think of even in modern times, like Darlington, Newport, Halifax.