Many people I think do no understand the position of the owners. They bought Swansea for several million on behalf of an investment group. Swansea got relegated, the capital value of that investment has tanked, but they don't have to own up to that loss until they sell, and as American sports doesn't do relegation their investors generally will not have fully worked it out for themselves. So what they have to do is generate enough profit so that the income their investors receive looks OK and they don't start pulling their funds. In the meantime Kaplan and Levien will be depreciating the capital value as hard as they can go, so that when they eventually sell they don't get punished by their investors. Swansea remaining mid-table Championship will do for that purpose, for now.
The upshot of this is that there is absolutely no money for investment, the owners are in damage limitation mode with definitely no risk taking, and it will stay that way until they sell. For example, if it comes to it, spending money to get out of League One would so far from their thinking as to not even be worth reading the memo. Spending money to get into the Prem if it's nailed on, but they would want 'nailed on'.