If NESV are replacing Hodgson soon, then obviously they won't let him make any signings.
If, however, they're giving Hodgson the rest of the season, then I'm worried that they'll let him make stop-gap signings to make a run a fourth place.
If a manager is going to be gone in a few months, you don't let him make expensive signings. If we understand our new owners' intentions well enough, then certainly they'd prefer a younger manager with the potential to build a dynasty to come in during the summer.
Allowing Hodgson to sign Cole makes absolutely no sense. Not when the manager you have in mind for the future prefers a completely different style of play than Hodgson.
I really hope that NESV and Comolli get this window right, even if means only bringing in teenagers for the future.