Wolves fans fear that their club faces relegation to League 1 and chairman Steve Morgan faced a three hour grilling from fans on Wednesday night. The chairman has offered to walk away given the club’s decline, saying ‘If it gets to the point where I feel am not wanted, I will go.’
But Morgan’s exit would only compound the club’s problems. Morgan revealed that the only prospective investors he had talked to ‘had disappeared in a puff of smoke’ when asked for proof of funding.
Wolves fans fear that their club faces relegation to League 1 and chairman Steve Morgan faced a three hour grilling from fans on Wednesday night. The chairman has offered to walk away given the club’s decline, saying ‘If it gets to the point where I feel am not wanted, I will go.’
But Morgan’s exit would only compound the club’s problems. Morgan revealed that the only prospective investors he had talked to ‘had disappeared in a puff of smoke’ when asked for proof of funding.
Wolves have invested a total of £73m in players over five years, a net outlay of £36m, putting them in the top ten spenders. Morgan expects Wolves to make a £6.5m loss this year as revenue halves to £30m following relegation from the Premier League.
The club has a wage bill of £26m and there are no relegation clauses in players’ contracts should the club drop into League 1. That would place them in a difficult financial situation, although presumably some players could be sold.
Morgan defended his £20m rebuilding of the Stan Cullis Stand. There’s nothing wrong with having a good stadium, the problem has been decisions about managers with three appointments in 12 months, none of them so far successful.