I agree, and understand the difference between capex and ongoing spending and that they're separated in corporate budgets.
However, the club did at one time make claims about spending that bundled the two together, I'm fairly sure—think it was during the period when journalists and forum posters used to claim that some proportion of our revenue was 'ring fenced' and set aside to be spent on the footballing side, as one of the conditions of our loans for the stadium. Would've been about 2007-09.
There was a theory that we had to spend some proportion (30%? 70%?) on football stuff, including wages, signings, support staff and extensions to Colney etc.
I can't be arsed to hunt down a link, I'm afraid, but someone else may be able to correct me if I'm wrong.
In any case, I wouldn't be too surprised if the figure quoted, if it has merit at all, included any positive deltas to our wage outgoings per season.