Where has McGhee been a miracle worker with a low budget?
He couldn't get Wolves promoted with a budget that was bigger than Man United's at the time.
Back when Calderwood was binned everyone who thought it was a bad idea asked the same question as you are here "Who would you want as manager?" and the answer from those who thought getting rid was a good idea was "That's not for us to decide it is the job of the board".
At this time though we could bring back Alex Miller and Steve Paterson as co-managers and expect an improvement. The apparent lack of giving a shit from the boardroom, and the complete absence of morale, leadership or direction from the dressing room means the club is about as low as it can go.
As for the financial aspect... and I've avoided the "Told You So" thread purposefully but what the fuck did you expect when you were calling, for a club in debt to the tune of £10 million, to sack a management team less than a year into a three year contract?