I don't think you can put the failure down to just AF costs etc. The boards and management of these type arrangements are "mates" and hire either their "friends" of go for 'academic qualifications'. What's needed are those who understand that these shows are businesses and need to be run like this. There is no substitute for business acumen and aviation {GA level} experience. Hiring ex-RAAF or big airlines guys is the kiss of death as they have no experience in the $$$$ bit.
I'm amazed that they get through the GU vetting for financial fitness and collapse with no notice a few weeks later..