As I said before, its OK saying someone like Brighton took a risk but who is the debt liable too.
For example, their current chairman is Tony Bloom. Now he is a massive Brighton fan apparently.
He has pumped lots of his own money into that club. So was he expecting to get it back? Are those debts made up of personal loans from him? Would he of wrote that debt off (like Ellis Short did with Sunderland recently) had Brighton not reached their premier league ambition?
So is it really a gamble for all clubs? It really does depend on the owner and how the debt was occurred. Sunderland have been poorly run. Now in league one. Yet with new set of owners they are debt free because their previous owner wipped off millions of pounds of debt owed to him.