Sheffield Wednesday’s last accounts showed £21m on wages. That will have reduced substantially since but Bannan’s new contract the year they got relegated (£25k a week perhaps?), people like Windass they’ve retained on Champs wages, putting Michael Smith on five figures etc suggests it’ll still be in the £15m ballpark. Ipswich won’t be dissimilar if you look at their accounts plus the activity since with the new ownership.
I suspect our £5m say from last year has been inflated above competitors with Premier League history, which is absolutely quite something, but I’d still be amazed and frankly concerned if we were anyway near those clubs.
I’m just speculating of course. Our accounts are pretty guarded bar the eye-watering lease costs and the data on companies house is never up to date so I don’t claim to ‘know’, just reading between the lines.