Those who think he should keep going don't have their heads in the sand, they just think a bird in the hand is worth two in the bush.
This.
As far as all evidence that exists, no Terry = No Phoenix. No rumours of a group of investors, no rumours of Sam Morgan, no rumours of a mystery man.
The cold hard facts as they stand is that No Terry = No Phoenix, and that's not a good result for anyone except the knitting circle.