New job, same job
Part of me thinks that this is a ship worth jumping, the other part is indignant that I can be treated in such a way - it is tantamount to being fired. Some reward that!
It must be desperately hard to find yourself working for a failing college.
The job of running an FE college has of course drastically changed. A recent survey indicates how few apply for the management posts, including principal, but does not go so far as to indicate whether this is because they do not have the skills or are simply adopting a "wouldn't touch it with a barge pole" attitude. What is clear is that as an older generation of principals are retiring their replacements must have the training and aptitude to succeed. Only then can lecturers such as yourself feel secure in your jobs. To borrow your analogy, there are more ships heading for the rocks then the Government would care to admit. Whoever has taken over your college can certainly ill afford to get it wrong again and so it is probably worth staying on.