QPR fan, in peace, though that may be hard for you to believe....
Hoilett probably going to Germany by the looks of it, and I think he's asking for £50k a week. He's a good player and has the potential to be very good. At £4m, even on this wage, it's still likely, or at least possible, that he would be sold for a lot, lot more than his combined transfer fee and wages. You also have to remember that the transfer fee, is paid over the length of his contract, not all at once. Only the Russian pays cash up front.
You then have to put this in the context of £40m plus annual revenue from the PL/Sky and your other earnings. it is essential for clubs like ours to stay in the PL until the mega new TV contract kicks in ( I hate Sky and this cash is ruining football, but it exists and isn't going away).
With all this in mind, and although I admire your wage structure, don't you think you have to invest a bit, especially in players who you could sell on at a profit? I have no idea how big your debt is, but it will only be harder to service without the TV money. You are a well supported club with an envious catchment area, but over caution is just as risky as over ambition.