It's simple really. The clubs with the biggest revenues pre Covid (commercial particularly) are going to be hardest hit by Covid, both in absolute and relative terms.
People in football make me laugh with the fatalism of the game. Like it's impossible for United not to finish in the top 10. Businesses 10 x the size of United could conceivably fold in this recession. Cineworld takes 10 x what United do and they are shutting down. Yet people can't get their heads around the idea a side might slip further down the pecking order a bit.
I'll be honest, I am surprised there was as much sending as there was this summer. I think the postponement of FFP helped a lot. There will be mssive debts soon for all of the top 6 teams with huge wahe bills they can't pay. United are just the 1st.
One thing I've learned in business too, no matter how big you are, when organisations have to start going into reverse, very few manage that transition well. If you're mates losing his job, or you're being paid less, or you're not getting your bonus, or not getting your company car, or having to work longer eyes unpaid etc, it doesn't matter if you work in a big or small business, morale gets sapped either way.