I mean realistically, it's on Peter Ridsdale.
But if it's on the manager, to say Heckingbottom's spend is about a quarter is lowballing it. Frokjaer is supposed to be £1.5m, we supposedly made our money back on Okkels (£1.7m), Thor is another we've supposed to have made our money back on. In three players you've got to about £4m. Then Theo Mawene was a 'significant undisclosed fee', Whatmough was about half a million (if I recall correctly) and Stewart was probably a couple of hundred grand. We won't have made profit, but it's a lot more than a quarter.
Equally, let's actually look at the quality of those players sold. Under Lowe Ridsdale would often handwave and say "You need somone to be interested", I don't think any of the players we've sold under Heckingbottom you could realistically say were key players. Some like Okkels and Stewart probably fit into the 'shite' category. Yet under Heckingbottom we've managed to sell them.
Again the main culprit is Ridsdale, but I don't think it's worth pretending the transfer activity had nothing to do with Lowe. We didn't receive bids but we didn't go out and encourage teams to bid either, while now we do.