If Rafa goes, the club is dead until Ashley's gone. There'd be no way to argue otherwise and dropping like a stone would probably be the only way he'd even consider selling the club.
Currently, the club is probably dead as well but there's the symbol of hope for the future in Rafa. It's such a desperately frustrating situation, because as much as you want to believe in a positive future, it's nigh on impossible when you consider what came before.