“He's agreed a deal, or his agent's agreed a deal, whatever, and it should go through today," Newwell said.
"The fee as I understand it is £50,000, which is way below our valuation. There is something extra if QPR get promoted, but that's neither here nor there.
"We've been caught cold. It's been done totally out of our hands and the danger now is that it could snowball, which is the last thing we want.
"We've had no choice, it's been completely out of our control and the fact that the agent's got involved, the player knew what was going on well before any of us.
"The deal was done and agreed before we even knew about it and it's the agent who will be getting his cut. I wouldn't be surprised if he gets just as much, if not more than we do.
"When you get spineless, faceless agents involved it's game over and there's nothing you can do.
"We don't want to sell any of our players and if we really have to we would want somewhere near our valuation of him and we've got nowhere near our valuation of him.
"Does this club really need to sell its best players for £50,000? It's just not common sense."
Newell continued: "We're not happy with the way QPR have gone about this – particularly Ian Holloway.
"We're caught in the situation where our players have not had their full wages and after 14 days, if they so choose, they can walk away from this club.
"QPR knew that and the agent knew that and they've taken advantage of it.
"QPR have been in the same situation as us and in the summer Ian Holloway was talking about what a desperate situation it was, yet he has now gone behind our back to get the player.
"He can try and tell me as he did two days ago that it's the agent's and directors' fault, but if the directors are telling him who to bring in to that football club he won't be in a job for long.
"I would expect people to work to the same ethics as I do and I would expect him to pick up the phone and say, 'look I'm interested in one of your players'. That's what should happen out of courtesy."
"All we can do is wish him the best. I just hope he's made the right choice."
McSheffrey arrives at Kenilworth Road on a months loan and is expected to lead the attack against Town alongside Steve Howard.