Yes, I remember it being a bit vague, but I can't imagine the £5m would have included wages/signing on fees etc. Unfortunately the bid never got far enough to be scrutinised further.
It's clear that GSE have spent more than £5m on fees, but a proportion of that at least came from the sales of Earnshaw, Miller, Jones etc.
I'd be interested to know what the wagebill was at the end of the promotion season. I think the LoG invested somewhere between £6m-£9m during that season. They also achieved that alongside reducing the debt by a fair amount.
You're right though, not the best option and the bid definitely needs to be scrutinised.