Its not a very stable business plan waiting for another sovereign wealth fund to come in and buy us, given how few there actually are and the clubs they already own. Its the equivalent of me waiting to win the lottery.
So your suggested alternative to the current ownership model would have been to wait in an old failing stadium with little revenue, until a white knight sovereign fund appeared to build us a new stadium for free. Excluding the Saudi clubs I am only really aware of Man City, PSG and Newcastle as nation state owned its a pipe dream that would never have happened.
I think I much prefer that Everton FC build a stadium and Everton FC pay for it, and yes I do include the fans as part of the "club" paying for it.
Unfortunately the world runs on debt, its how infrastructure gets built.
That's also the way football should be run, clubs spend what they can based on Income generated and don't put their history, legacy and the actual club future for the fans on the line by spending what they don't have or waiting for someone else to pay for a stadium!