He could argue that but I cant see how any regulator would look at the last ten years and take it as a serious possibility.
I also get the impression from the little bits of quotes I've read that the regulator will consider Wednesday as historically at least a championship size club and will reasonable expect the owner to show funds in line with this status.
I dont think DC saying if you'll just let me relegate them twice I can try my best to afford to run a league 2 side. That would be seen as a similar failure to letting SWFC go under, which they've already said one of their aims is to stop by introducing trustees to step in.