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My numbers may be out of date (and the rules may have changed yet again) but I think the FFP rules allow a Championship team to make an average annual loss of £13m over a 3 year period (or £5m a year if the loss is not converted into equity).
That gives a bit more room on the wage side although it all depends on how far Uncle Tony is prepared to dip into his or his fellow directors' pockets. Also there is the small matter of the FFP fine.