Long term debt means due in > 1 year so hypothetically that could mean it was all due 1 day after their year end. If they have securitised their season ticket sales and they get relegated then they are stuffed, mainly because they won't be able to significantly reduce ticket prices and service the debt. So all the Yowdies will tell the board to f*** off and not buy tickets (remember when they had 10,000 crowds). Thats how they will go under.