That would be a disastrous move in my opinion. I can't think of a single modern stadium that I enjoy visiting. They're all lifeless.
I'm glad someone else raised that possible avenue. It's very much a trick VC's use to maximise return on investments. 4 common practices by VC's and turnaround practitioners. Make the company you bought foot your acquisition bill. Drive down assets/values to renegotiate on lower terms. Provide a loan through non institutional lending streams. Take management charges for owner involvement while stripping other costs to allow for it. I'm not saying they are doing this at Oakwell, just that people of their ilk commonly partake in such actions.
We weren't shafted the club was given a grant for ground improvements and a fair deadline. Instead the club decided to use the whole amount of the grant on one stand. The East Stand. The club then asked for an extension and was declined. At this point it had to dip it's hand in it's own pocket and renovate the rest of Oakwell. Why they didn't bulldoze the West Stand then I don't know.
This is it in a nutshell. There is also such a mistrust of the ownership given the sinking ship vibe/the unanswered questions/strange decisions that have been made, that I imagine ever getting to the bottom of specifically why it's been closed, what specifically needs doing, when will it be done, who's paying for it...etc. It'll just sit there crumbling.
3 sides of it need a bit of work, one side needs replacing it seems. Given a choice between 3 sides of Oakwell, and the Ricoh, Madejski, Keepmoat etc, then you'd pick Oakwell every day of the week. Even without a vocal crowd the atmosphere is miles better than it is at any of those Stadiums. These Stadiums renovated in the 90s need protecting, Deepdale, Molineux, Vicarage Road, Turf Moor, Portman Road. Proper football Stadiums.
Several clubs that season (and for many seasons afterwards) were granted exemptions to allow standing supporters, usually on the basis of being recently promoted. The comment was more from the perspective that we were forced, at short notice, to have all home fans shoe-horned into the East Stand, but we could then visit another ground the following week where 4 sides of the ground were still open terracing.
But if the renovation wasn't particularly good in the 90s, and another poster has already pointed to issues in the North and East stands, then a new stadium would be better. Doesn't mean it would have to be an identikit of the various stadiums built in the early 2000s (Hudds, Bolton, Wigan, Hull etc.) which all seemed to follow the same blueprint. From what I can see, even with stewards, we've not been able to use all 6,000 seats. The matchday experience for any new fans in the Ponty isn't great if it's busy imo, and the West Stand is completely gone. I'd rather have a new stadium and the 23,000 seater stadium with a 13,000 capacity any day. The club also need to think about non-matchday income.