Yeah, more than anything I too feel sorry for the supporters. What seems to be happening here is to me one of the dangers of England allowing foreign ownership to the extent that it has. This could theoretically happen to a whole string of EPL clubs; the current owner dies/loses interest and decides to strip the club of its assets and just sell what's left of the carcass. When there is no emotional investment on the part of the owner, then there is potential for trouble.
For instance, if Abramovich died today and whoever inherits Chelsea decides to make the club pay back the 'loans' he has provided them with over the years, they would go bankrupt in months.