I'm intrigued as to how he's arrived at a figure of £10m a year for the wage bill. Even that would be unsustainable for them in the Championship.
With tickets priced at a maximum of £23 next season, that gives them potential revenue of about £10.5m from ticket sales. Clearly they'll get less than that because a) they won't sell out every week, b) they'll sell a number of season tickets which work out much cheaper than £23 per person per game and c) they'll sell a lot of child/concession tickets.
They will only repeat the problems of the last couple of years but with slightly smaller figures, i.e. a wages/turnover ratio that is unsustainable, leading them into debt and administration again.