That's exactly how I see it.
Over £1m+ was spent putting the seats back into the East Stand, upgrades to the West stand such as the toilets, changing facilities for players and officials, club offices, shop and computer systems. Then the Chinese deal collapsed leaving Thomas and Bower with their fingers burned, a bit like the Council before them. The £5m+ debts are in effect monies that KT and DB owe to themselves.
it costs £60k to purchase and fit 1400 plastic seats. I remember at the time hearing it cost £250,000 from the club, causing my in built bull5hitometer to go off the scale.
For 1 million you could fit a dozen boxes and several hundred grand more for a basic shell fit out.
Just for clarity it would cost for a modest construction,
£2 m to expand the ground by 3000 to allow it to compete in L1. All that totals 1 James Collins or 2 john Marquis or an 1/8th of Ivan Toney.
Hope that helps.