I think things are coming to a head. Ray's either run out of cash, or really doesn't want to throw any more down the drain. The transfer window's fast approaching so any takeover consortium will want to take charge at a time when they can influence things.
If there is no takeover, and I think that's highly likely , then we may well limp through to the end of the season with this squad and relegation and maybe insolvency and bankruptcy becomes likely.
Players being paid late is often the high profile bit that confirms how bad things really are. Chances are behind the scenes things are really bad and getting worse.