Schards#2 Weren't they shafted by foreign owners rather than shambolic on pitch performance? The Bhatti brothers IIRC
Opinion was that they deliberately ran the club down to try and get it to fold, in the hope that they'd then be able to develop the site.
The problems really started with the building of that new stand. Its costs overran to something like £2 million, which seems almost nothing today, but was around three years' worth of gate money back then. Football was littered with clubs ruined by one expensive stand back then. With no administration escape route to fall back on, the fall could be pretty hard.