I don't think Wolves have really got this whole 'living within their means' thing quite right at the moment.
If you're accepting that the chairman isn't going to bankroll the club, fair enough that's his choice, then you've got to be pretty shrewd with what money you have got, I'm not sure that's the case at Wolves as often as it should be.
Swansea and Southampton often get held up as the poster boys for this sort of strategy, rightly so in my opinion, but you look at how their squad management differs to that at Wolves, the recruitment philosophy is pretty similar, trying to unearth a few gems for reasonable money but their approach to outgoing transfers seems completely different. Wolves seem to have it set in their mind that they must hold onto their prized assets at all costs, as seen with Sako being allowed to run his contract down to leave on a free whilst having a last roll of the promotion dice, the other two however seem much more open minded to players leaving, even if they'd rather they stayed. They entrust their recruitment team to source adequate replacements for those sales which opens up an extra stream of revenue, replacing that which other clubs may get from their chairman/owner.
It could have been a romantic football story for Wolves to have got promoted under Sako power last season, to have him finally get to the Premier League with Wolves after enduring some shit years but ultimately it wasn't to be and now Wolves are left without that talent and the funds to replace him. Perhaps they would've been better served taking the £5m or so they could've perhaps got for him last summer and spent that on a couple of other players, you're going to piss a few fans off to begin with but if you get the replacements right then they'll soon forget about Bakary whoever the fuck. Without accepting that some sales will be neccessary for the good of the team/squad/club overall then you're consigning yourselves to continually scrapping around the bargain bin and hoping you cobble enough raw talent together at the same time to jump a division and hopefully be in a position to increase your revenue that way.
It'd be great to see Wolves emulate what Swansea and Southampton have achieved, a seemingly endless supply of talent coming in with enough of them begrudgingly sold off to keep the finances the right side of zero, I don't think they've got the right people in charge to make that happen at the moment though.