That's largely correct. Their wage bill for the first quarter of the financial year (to Sep 2021) was just under £90m so they're on course for a full year figure around £375m (as I assume any bonuses will come through in the last quarter), plus they've had to pay Noddy off.
Their cashflow statement is interesting as it's the first financial report for a while where everything has been back to normal and all the normal revenue streams, including matchday, are coming through. But even so, they spent around £12m more than they generated, the vast majority of that £12m being dividends.
Also their total debt is just under £1bn (£950m), including financial debt of £638m (loans and other credit facilities) and purchase commitments of £310m, of which £209m is transfer fees. The rest will be trade and other creditors. So adding up financial debt and transfer fees, they're in debt to the tune of £850m.
They also have potential additional transfer liabilities of just under £130m, if all the contingent clauses in contracts are met. If those include fees for winning things though, they're probably safe to disregard that.
www.theguardian.com