I don't think they're such bad candidates, although there is some evidence that older managers struggle greatly after prolonged periods out of the game. Joe Royle has an excellent record overall, full of promotions and with plenty of success in the Premiership, he traditionally plays attacking football, I don't think we can be too put off by him. Sounness also has a decent record, although both he and Peter Reid also have plenty of worrying blots on their copy books. In truth, the difference between these guys and Jewell is that they are proven to be fallible.
If Jewell won't come due to finances then that's disgraceful, but I doubt it. Were it to be true we'd have to look very serious at Milan, who blocked moves for Job and another player just before Megson left on financial grounds. We'd have to wonder where the money was going and why he wasn't putting more money into the club. Realistically though, what makes us think that he was ever in the frame? Does someone know something I don't? I heard there were three employed managers and three unemployed in the frame. Presumably Reid, Royle and Sounness account for the three unemployed, and therefore Jewell was never even considered.
My suspicion is that Milan will have to stumble across the right man, if he ever finds him, because he presently seems unlikely to make a considered decision with an eye to the future, which caters for the fans and the current playing staff.