The problem isn't our wages, it's other clubs overpaying for mediocre players combined with a generally obscene wage level in football. If we match the overpaying clubs, they will only go higher, and we're stuck in the same situation again, only with a significantly higher wage bill.
It's a dangerous, downwards spiral that will only benefit the rich/cash doped clubs, and will lead many other clubs to bankrupcy.
I realise the best players deserves to be paid well, but it's ludicrous to suggest anyone earning £60-70-80k a week, plus bonuses and sponsorship money, are underpaid.
A bit of a detour here, and this is not a dig at you, but this really isn't an issue about anyone getting paid to little. It's all about wages gone completely mad and lots of people being paid too much.
Just my two cents. Now give him what he wants and sign the contract!