The Glazers found themselves in a situation where the club had effectively run out of cash flow. That forced them into two options: either sell the club or inject their own money—which was never something they were willing to do.
That's why INEOS came along at the perfect time. The Glazers got cash that went straight into their own pockets, while INEOS, as part of the deal, invested £300 million into the club. It's not like INEOS paid £1.2 billion and only then realised, "Oh, the club has no money." The negotiations lasted an entire year, and every party involved knew every financial detail about the club.
So INEOS didn't really have a choice if they wanted a stake in the club. Either they paid the Glazers £1.2 billion and injected another £300 million into the club, or they got nothing. Even if they had paid the Glazers £1.5 billion instead, the club would still have been missing that £300 million.
If it hadn't been for fecking INEOS—whose track record of running football clubs is, at best, mediocre—the Glazers would have been forced to lower their asking price, and a buyer would eventually have emerged. The lack of buyers wasn't because there was no interest; it was because the Glazers' initial valuation was absurdly high.
As for the club's financial stability, we're talking about a club that generates £800 million in annual revenue. If you lower your ambitions from competing for the title to simply fighting for fifth place, you automatically reduce spending on transfers and wages. Once you do that, it's not exactly difficult to make the club look financially stable.
I've said it before: the way INEOS sold this narrative and convinced a section of the fanbase is genuinely world-class PR.