OF course they can.
Despite the current clown shows best efforts we are still a Premier League club, with a brand new Stadium, that the club currently owns, being built.
So yes, it could get vastly, vastly worse.
Under Kenwright, we had no money, but apart from the famous Arteta money, all the money went back into the club.
Under Moshiri, we wasted vast, vast sums of money, till the last Transfer window, when all the money disappeared.
Now imagine an owner who doesnt invest any money, who takes money out of the club and also charges stupid prices for fans to attend games.
Then throw in relegation.