It would be sad to see BACX close IOM from many perspectives, not least the pride that existed when the Manx airlines ancestor operated their green and red 146's which were, as far as my transits of the Island suggested, always washed and polished at Ronaldsway on a Saturday afternoon.
With Euromanx, FlyBE and soon Aer Aran competing directly on BA's IOM routes, it will take some energy and commitment from BA to try to get their market back to where it was just a few years ago. Do they have this to give or will someone down south call time up? No idea.