The Rs are believed to have shelled out £70MILLION in transfer fees and wages to land big-money signings Loic Remy and Chris Samba.
Redknapp also snapped up Spurs duo Jermaine Jenas and Andros Townsend on deadline day to send the wage bill soaring.
He said: “People’s perception is nonsense. How am I responsible for remortgaging the club?
“You see figures banded about. The players don’t earn that kind of money. It’s the chairman and shareholders’ decision to spend the money.
“It was not me saying, ‘Go buy Samba’. I didn’t put his arm up his back and tell him to get him. It wasn’t me saying spend the money. The board have tried hard, they’re wealthy people. If you look at them here, they’re not exactly paupers are they?
“But other clubs spend. Aston Villa have spent big as well.
“People think they’ve brought in kids, but go back to Darren Bent and the £25m — and go through the list of players there.
“QPR only spent £12m in the summer. That’s not astronomical.”