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The owners have been put in a very difficult position. They could keep him on out of blind loyalty, which would be admirable after last seasons heroics or they could sack him and try and stay in the premier league to protect their asset, staff and short to medium term future.
Those big players who haven't turned up this season and poorly spent money/not bringing in enough this summer means I think they might still go down anyway. If they do the owners will look very foolish.