What happens if most English local authorities fail due to inadequate funding?

Owl has a theory.

Their money (but with fewer responsibilities and much less scrutiny) will immediately be passed to Local Enterprise Partnerships!

Unelected, unaccountable, barely scrutinised they will be free to use our money however they wish. And responsible only to government.

A score of unelected business people of dubious quality, dubious expertise and with complex conflicts of interest get full power.

What could possibly go wrong?