They have only gone into administration, so as it stands they'll still be in the Premier League come next season (all be it with a points deduction) they'll need to go down Newco route before getting the punt.
That said I don't really have any sympathy, I warned Jambo mates of mine it would end in tears, but had to endure their shite for a few years, third biggest, I'm just jealous blah blah blah!
You've made your bed.......