Where’s the money gone?

It’s a question that every Wolves supporter (but no local journalist) has asked and that very few are qualified to answer.

Steve Morgan

Some have skimmed the surface, totting up player sales, parachute payments and Steve Morgan’s much talked-about £30 million pledge.

But few venture any further and you can hardly blame them.

Dipping a toe into the murky waters of holding companies and share capital is enough to send even the most enthusiastic wannabe-accountant running for the shore.

However, I’ve done some investigation, trawled back through the droplets of information that have seeped out from the club’s notoriously tight-lipped hierarchy to try and form some sort of semi-informed opinion.

These facts, figures and thoughts are by no means a definitive, forensic analysis, but perhaps do shed some light on a situation that’s seemingly been shrouded in darkness.

The books

At the most recent Fans’ Parliament meeting held on December 5th, Rita Purewal, the club’s Financial Controller (flanked by Jez Moxey) revealed that Wolves had posted a pre-tax profit of £2.16m for the financial year ending May 31st 2012.

To clarify that point, when last season ended with Wolves relegated from the Premier League, the club finished with a healthy profit of just over £2m.

This impressive return for the year comes despite shelling out circa £20m on the new Stan Cullis stand – quite an achievement.

The very next day, the Express and Star led with the headline ‘Wolves reveal a £4 million slump in turnover’, which to me is an astonishing editorial decision given the information available.

Yes, it is correct that Wolves experienced a drop in turnover (due largely to a reduced capacity as a consequence of the stadium redevelopment) but no way is that the story. The profit is.

As any businessman will tell you, ‘turnover is vanity, profit is sanity’.

At best, it’s poor reporting from our local paper. At worst, it suggests a worrying agenda.

But I digress.

This was the third consecutive year that Wolves posted an annual profit, banking £2.24m in the year ending May 2011 (season ending with final day survival against Blackburn) and a walloping £9.1m in the year ending May 2010 (season ending first year back in the Premier League).

In short, business has been booming since promotion in 2009, with cash piling up in the tills.

Despite this, Jez Moxey speaks with a half empty glass. He stated in December’s Fans’ Parliament meeting, ‘People tell us to speculate to accumulate and it’s a little concerning that we make only a £2m profit on a £60m turnover in the Premier League.’

It’s not concerning at all.

It’s actually a fantastic achievement for any football club to turn a profit in this climate, particularly with the unnecessary added expense of remodeling a significant part of the stadium.

What was concerning during this financial period was the performance of the team, as we sank like a stone to the bottom of the Premier League.

I find it disappointing that nobody on the Fans’ Parliament (or the local press), armed with the latest figures bothered to probe the club about their strategy.

It’s galling to think that they sat by last January watching the team sink, whilst stowing even more cash away to report a profitable bottom line.

Surely a significant sum should have been invested into the team in last January’s transfer window to maximise the chances of survival and maintain the injection of Premier League TV cash?

Mick

Lets pretend for instance, Mick McCarthy was given £20 million to spend and he’d bought two or three signings to improve the team.

If we’d stayed up, the club would have got that money back (and more) the following season through the riches of top flight football.

Had we been relegated, much of it could be recouped through player sales (as we saw anyway from the Fletcher and Jarvis transfers).

It’s a calculated risk, but far from going down the QPR route.

So why didn’t the club pursue this option to give us the best possible chance of staying up?

Well, they’d overlooked this tactic the two years previous and got away with it, so why not a third time?

Our first season back in the Premier League (09/10) we were in and around the bottom three in January, but only modest investments were made in the shape of loan moves for Adlene Guedioura and Geoffrey Mujangi-Bia. This despite the fact the club knew they were sitting on a substantial profit for the financial year.

The same again the following season (10/11); struggling at the bottom but only minor January business with Adam Hammill arriving for £500K and Jamie O’Hara coming on loan.

By last January, this had become a tried and tested tactic.

And in fairness, the temporary deals for Emmanuel Frimpong and Sebastian Bassong could have done the trick again, had injury not restricted their appearances (although Eggert Jónsson’s arrival remains a mystery).

But the fact is, Wolves were teetering on the edge of Premier League oblivion throughout their three-season stay, during which time the club flatly refused to alter their financial approach.

It was always likely that at some stage they were going to be found out.

Big purchases

In the summer of 2010, Wolves were the third biggest spenders in the transfer window.

Fletcher

The circa £18 million spent included record signing Steven Fletcher along with Jelle van Damme, Stephen Hunt and Steven Mouyokolo.

This fact is often used by the club to bat away accusations that they never seriously tried to establish themselves as a Premier League force.

It’s a fair point, but the reality is, they could afford it.

Despite the summer splurge, the year-end accounts remained firmly in the black.

This perfectly demonstrates the club’s financial philosophy of the last three years. Yes, they’re prepared to spend, but only against the money coming in.

Some might call this approach prudent.

But Wolves were undoubtedly guilty of playing it too cautious and in doing so gambling with their Premier League status.

Having a go doesn’t have to directly equate to doing a Portsmouth. Wolves could have invested significantly more in the team without financially compromising the future of the club.

But instead of going down kicking and screaming, we slipped away with barely a whimper.

The North Bank

There’s a strong argument to say that the cost of building the new Stan Cullis stand was £20m, plus our Premier League status.

When Steve Morgan and Jez Moxey both insisted that the money being ploughed into the stadium (from existing cash-flow) wouldn’t affect continued investment in the team, that was nothing more than wordplay.

Yes, there was continued investment, but on nowhere near the scale there would have been had the stadium redevelopment been shelved.

When the bulldozers arrived, coupled with the club’s already prudent approach, it meant that Mick McCarthy was forced to operate on a shoestring by Premier League standards.

North Bank

According to this insightful article by Tim Nash (which by the way, is the best thing I’ve ever read on the E&S website), he had it confirmed that Mick wasn’t able to get the transfer targets he was interested in, both in the summer and the January prior to his sacking.

The club obviously thought that the money invested in Jamie O’Hara and Roger Johnson would suffice to keep us up last season. They weren’t alone. I, like many other fans, didn’t see us getting relegated with the squad we had at the beginning of the campaign.

But even when that theory was proved incorrect and they had a second bite of the cherry in January, they simply refused to dig deep. The stadium investment was pinching their bottom line and it would go against the grain to see outgoings exceed income.

Cue a third successive season of low-cost, low-risk loans, but this time no repeat of the magic trick and a downward spiral that’s yet to show any signs of stopping.

The £30million pledge

We all know that in 2007 Steve Morgan was gifted the club by Sir Jack Hayward, on the proviso that he pumped in £30million of investment.

This was an important promise and something supporters would like to know more about.

Of course, anyone whose read this superb article from football finance blog The Swiss Ramble, which was published way back in March 2011, would already be armed with considerable information.

During a much more forensic examination than mine, the finance expert provided good insight. Here’s an important excerpt:

Although it has almost become a truism that football clubs will be burdened by large levels of debt, Wolverhampton Wanderers are a glittering exception to this rule, and they are now in the happy position of being debt-free. In fact, after paying off bank loans of £3 million, the club is the envy of many others, as it is sitting on considerable surplus funds of £26 million, even generating interest for the last three years (as of March 2011).

Indeed, Wolves have been in a very healthy financial state ever since Steve Morgan took over in 2007, when he bought the club for a nominal £10 fee from Sir Jack Hayward, though he also had to pledge a guaranteed £30 million investment. This was duly provided by the club’s parent company, W.W. (1990) Ltd, increasing its issued share capital by £30 million, which was fully paid up by Morgan (25%) and his investment company Carden Leisure Ltd (75%), a subsidiary of Bridgemere Investments Ltd, based in Guernsey.

What we can say then with a degree of certainty is that the money promised by Steve Morgan has been invested into the club.

We can also surmise that Wolves are and remain a wealthy club, with money in the bank.

I’m no accountant, but if there was cash surplus of circa £26 million in 2011 and we’ve turned a profit every year since, there’s surely a not-insignificant amount still sitting in the pot?

In December’s Fans’ Parliament meeting, Jez Moxey didn’t want to discuss this, stating:

“Continuing to invest in the future of Wolves is our priority but we’re not getting into what money we have. It’s commercially sensitive.”

Compton Park

Investment in the future has long been the mantra of the club’s hierarchy and this line has been regularly trotted out in reference to the Compton Park development.

Compton

Steve Morgan describes this plan as win-win for everyone involved. This is the gist:

· The University of Wolverhampton have been paid to leave the site and will invest the money into a ‘new multi-million pound Science Facility on its City Centre Campus’

· St Edmunds Catholic School will relocate onto part of the vacated University campus and develop a new school with enhanced facilities.

· Wolves will extend their training facility onto St Edmunds to create an FA Premier League Category 1 Football Academy. They’ve also donated their existing indoor facility at Aldersley to the Community Trust.

· Redrow, Steve Morgan’s construction company, are building 55 luxury homes on the site.

On the surface then, everyone’s a winner baby (except maybe the local conservationists who opposed the development of a green belt area).

But surely nobody wins like Redrow and Steve Morgan?

I’m speculating now, but it doesn’t take a property magnate to deduce that 55 luxury homes averaging a cost of (roughly) £450,000 is big business. Those properties could (conservatively) fetch £25 million and a healthy profit.

Good luck to him I say.

He’s a successful businessman and if he can use his position as chairman of Wolves to generate opportunities and revenue for his other company, that’s his prerogative to do so.

But with a project like this, where there’s such obvious crossover between his business interests, supporters would appreciate greater transparency and reassurances that Wolves money isn’t being used to fund Redrow projects.

The financial intricacies’ of this development would make a fascinating piece for the local paper, but as yet, nobody (to my knowledge) has asked the question.

Why?

Relegation and bouncing back

Meanwhile, on the pitch Wolves have made a shambolic attempt to regain their Premier League status at the first attempt.

Solbakken

With relegation of course came a severe drop in projected turnover (40%), but no club was better prepared to cope.

After all, prudent financial planning meant we had cash in the bank, players contractually obligated to take wage cuts and substantial parachute payments (£16 million in the first year) to further soften the blow.

Jez Moxey defiantly proclaimed ‘we don’t need to sell our best players’.

We did anyway.

Reported fees for Jarvis, Fletcher, Kightly and Guedioura total a figure in the region of £30 million.

When you add this money to the parachute payments and whatever remains of the surplus and profits recorded during the three consecutive seasons of Premier League football, Wolves must surely be the cash richest club outside the top flight?

Even when you take into account significant summer shopping from Ståle Solbakken totaling somewhere in the region of £12-13millon for the likes of Sako, Sigurdarson, Doumbia, Boukari, Margreitter and the loan signing of Peszko, the well should not have yet run dry.

Why then, when January arrived, were we confronted with news of an urgent need to trim the wage bill?

No mention was made of this in the summer.

Back then the company line was we don’t need to sell.

Now we’re giving players away on loan to relegation rivals (Ipswich) and terminating the contracts of players who’d played every game under the new manager (Zubar). This despite being seemingly richer now, than we were back then.

Why then such a desperate need to trim the fat?

Conflicting information.

Of course the club might argue that they’re looking ahead towards a second season of Championship football (at best) and are prudently (there’s that word again) storing away the acorns.

Planning for the future they’ll say.

It’s a convenient line to beat supporters with who are rightly more concerned about the here and now.

Rumours circulating of a failed investment gamble by Steve Morgan coupled with zero investment in the team, ongoing cost-cutting exercises and a CEO telling us to mind our own business because it’s ‘commercially sensitive’, serve only to fuel the flames.

Is it any wonder then that supporters are asking the question.

Where has the money gone?

Comments

  1. Bravo mate. That must have taken some writing. A brilliant piece. Not the ramblings of a ‘numpty’, ‘nugget’ or even a ‘fickle fan’ as Mick – and latterly Jez Moxey – once labelled us.
    Just a brilliantly constructed article, based on facts and right minded intuition.
    Well done Thomas!
    If only we could begin to get some answers because, like you say, it is hugely worrying times.
    For many fans of a more positive persuasion, a comfort blanket has always been found in the prudent, ‘sound business’ soundbites.
    The fact we genuinely don’t know how well off we are (if at all) after swallowing a whole heap of short term pain to keep up with the whole premise, is the biggest worry of all.
    Time for some answers…

       60 likes

    • Thomas says:

      Thanks mate.

      You’re my Jez Moxey, a comforting bosom shielding me from scorn and criticism.

      I truly thought after spending over a day writing it (and untold time researching) some kind gentleman would popup with a first comment of ‘you’re a twat’ and rack up 500000000 likes.

      I am definitely one of those people who took great comfort from the ‘at least we’ll never do a Portsmouth’ line of thinking, but it’s concerning times.

      I would like an extended statement direct from the chairman, clarifying our financial position and his intentions in the short term, not just babble about planning for a future that never arrives.

         52 likes

    • tedsmithwednesfield says:

      well if you would all like to know where the money has gone why don’t you join the boycott of the wolves v leeds game , apparently they are trying to get the fans not to go in so they lose loads of revenue and to make them come out and tell us where all the money has gone , you might say to this message that how is standing outside going to help the team , well we have all been going week in week out and that hasn’t helped the team but you are helping morgans bank ballance , by not going in you won’t be spending YOUR money on his pies hot dogs pop crisps programmes and all the club shop match day sales , it makes perfect sense to make a stance and this will also bring negative publicity towards morgan which he certainly will not want ! so spread the word and join the boycott

         3 likes

    • Paul featherstone says:

      I agree especially seen as the Express & Star’s sport writers gloss over this issue. Martin Swain again tonight in the local rag is waxing lyrical on how Morgan is trying to run Wolves as a business utter crap Swain Morgan is running, no ruining Wolves for his own gain. As for the Fans Parliment is just a quango a usefull public relation tool for Morgan and Moxey hand picked most probably they certenly don’t seem to be asking the question they should be asking and if they are and aren’t getting any answers they should go public and say so and desolve the Parliment.

         3 likes

  2. Dave Vincent says:

    This is a very, very good article Thomas, thanks. I think Morgan’s main gamble that didn’t pay off was Solbakken. I think most thought that was a massive gamble at the start of the summer. We should have a good enough team to be challenging at the top this season but they’ve been shite. We should rightly be suspicious of Morgan, but personally I still think he’s involved with Wolves for the right reasons even if he does seem to make crap decisions (Dean f*cking Saunders? I still can’t get over that one) as the conspiracy stories about flogging houses and stuff don’t add up. He could save himself time and money by not being involved with Wolves.

       9 likes

    • Karlir-Johanarnt Kristjanson says:

      Every penny invested from the Wolves fund should flow back into the bank. Maybe Morgan even can double or triple the cash invested?

      Loan deals suits us probably better than overprized players in january, so we are better off without any new signings. Players returns from injury.

      The fans have to give Saunders time before the weeping.

      We have a strong team – on paper. I’m sure Saunders is working very hard to get out the full potential of the team, and I’m sure the results will improve.

         4 likes

      • Paul featherstone says:

        Too good to go down no doubt on paper the trouble is the reality is there is areal possibility of relegation and any signing at any time is a risk not just in January but if there was ever a need of of team in need of surgery and major surgery at that it’s Wolves. What annoys me most is that Saunders and Stale and most of all McCarthy are guilty of not using the promising kids like Cassidy yes hes give Batth a game but that only because Johnson’s been banned Saunders has even said in tonight Express & Star he’ll play Doyle every time because of the effort he puts in, the point is though is he couldnt score in a brothel I could and would put as must effort in as Doyle but if there’s no end product ie goals then what’s the point of all that huffing and puffing.

           1 likes

  3. Gareth says:

    Good article, and perhaps more importantly: good question!

       2 likes

  4. Ad Mant says:

    we’re 2 points of relegation, micks threadbare Ipswich side has rocketed past us, our cheap mccarthy facsimile seems to have a lot to say, but nothing to back it up and every indication that the asset stripping will continue as Morgan has no effing cash and needs player sales to keep his portfolio fluid. (see article on Molineux Mix)

    Sako is the next cash boost his investments will require, Ikeme Doyle and SEB will surely follow soon after … and we will disappear down the leagues with a whimper …

    Unless we get this blood sucking parasite out our club now.

    Seriously, at what point are Wolves fans going to draw the line ?

       26 likes

  5. vargas12 says:

    If the Norwegian gaffet got a little more time, he would have got Wolve out of the mess. Solbakken did get to litle time to bulid a new team. Remember he did get i Sako, and with more money he would have brought in more quality.

    In the end, 10 wins in 47 games since Mick was sacked, Wolves are going to be relegated.

    Vargas

       11 likes

    • Adrian Richards says:

      I just hope that this article is so far removed from the truth it’s like the distance fro earth to mars.

      However based on past performance by the club M team I’ m in despair that it rings so true.

         2 likes

  6. Keith Evans says:

    Brilliant article Thomas. Please send to all newspapers local and national and let them pick up on this story. I am sure they will be able to investigate it fully and hopefully get the answers all Wolves fans crave. Good luck.

       22 likes

    • Carl thewolf says:

      Excelent read this realy needs to be pushed into the national papers asap we all know that we need to move certain players on and fresh faces bought in obviously m&m dont care as much as the faithful fans so frustrating

         5 likes

      • Steppenwolfe says:

        Excellent article Thomas – thanks for going to so much trouble.
        Good point made by others about copying this to nationals – the E&S don’t seem to want to take this on and they’ve had plenty of opportunity.

           7 likes

      • old goldy hated selling fletcher deeply says:

        i agree .. well put together mate and fantastically penned! put it in the hands of a newspaper then they will HAVE to answer and stop hiding from us..they need embarrasing!

           4 likes

  7. martin says:

    fantastic article – feel quite frustrated reading it though.

    My questions for WWFC:

    Did Moxey take a 50% wage and bonus cut when Wolves got relegated, as we understand the majority of the players had to?

    And is he rewarded on the financials (keeping us in profit) or where we finish in the league? Surely his job is to look at both, including calculated risks to avoid relegation for greater financial reward the following season. His actions and attitude suggest it’s on the financials only.

    Again this window massively short sighted not to pay the ’30% inflated prices’ being asked for quality players when we are up against relegation / losing any chance of play off finish. A quality left back and striker could have made the difference. I suspect the drop in early bird sales caused by angry fans and overall loss in revenue by reduced gates week in week out will cost WWFC many times what that 30% extra on a transfer would have. Abysmal management from Moxey / Morgan.

       27 likes

    • martin says:

      Hi Martin. Are you new a new poster? Only my blog name is Martin too so you may need to add an initial or something for identity purposes. You don’t want to take the blame for what i write!

         2 likes

  8. Sleachy says:

    I don’t understand how Morgan has amassed so much wealth and run such a successful business when he appears to be a complete idiot, at least on the evidence of his decision making.

    Why on earth did he not back or sack Mick after the Blackburn game? That was the pivotal moment.

    It’s not rocket surgery, as Thomas points out the investment in better players would have paid for itself in extra revenues the following season.

    The ensuing omnishambles has seen error after error committed by senior management, to the point where League 1 seems a realistic outcome for the season. I still think we’ll turn it round, especially given the performance against the foxes, but I did not think we would even be contemplating relegation again this season.

    The optimistic crumb I’m clinging on to is Deano’s comment alluding to a big summer shake up in playing staff. Promotion next season followed by some proper investment in the team, lessons learned from last time, and a genuine effort to re-establish ourselves as a top club.

    The reality is too depressing to consider…

       5 likes

  9. Sheffieldwolf says:

    Very good article. The fact that the club made a profit every year after transfers, bonuses and redevelopment costs is admirable. But where has the money gone?

    Why are we releasing players who obviously have financial value (club turned down a 1.8m bid for Zubar in the summer). Why are we loaning squad players out to our rivals (it can surely only be for the money). Why in a season where so many times our team has not proved good enough have we not invested in players to improve the squad?

    Something Fishy is going on? Either Morgan is asset stripping with a view to getting out or the books have been seriously cooked for the last 4 years. Either way dark times are ahead.

       11 likes

  10. Crapapple says:

    Great Article. Bottom line were getting fucked over while Morgan and Moxey get rich. It’s just a lovely little microcosm of life, the rich eat the poor. We need to stand up for ourselves and protest. Not during the games that would be like Blackburn last season and totally screw the teams chances for survival. We need to be smarter. Strange thing is that relegation might make the pair of them piss off ! A bitter pill, but one that could be worth swallowing.

       10 likes

    • Ad Mant says:

      I have said the exact same thing… the blood sucking leech would go once the big money dried up … give me my Wolves back scouse cretin !!

         7 likes

    • Crapapple says:

      I’ve been wracking my brain trying to think how to best protest against them without hurting the club or our teams chances and think i may have come up with something. How about If we boycott the new stand for season ticket sales and just get them elsewhere in the stadium. If we could leave his new stand as empty as possible it would make our objections to him and his hatchet man clear. If people still wanna come and see us every now and again for some crazy reason they could still use the new stand as a last resort, but the lack of season ticket holders would surely be obvious to the board and owner.
      What do you reckon? Just a suggestion but at least I’m trying.

         11 likes

      • Leiden Wolf says:

        I really like this idea, it would be difficult to co-ordinate but as a statement to the board rows of empty seats in a shiny new stand is difficult to ignore.

           5 likes

      • Waggies Left Peg says:

        I cannot believe this would help, you would probably end up in the Steve Bull or Billy Wright and as a result be putting even more money into the club, good try and your heart is no doubt in the right place but unfortunately Morgan and Moxey would love your idea. The only thing that matters to them is money and not empty gestures.

           1 likes

    • old goldy hated selling fletcher deeply says:

      exactly my thoughts crabby…i said us going down MAY be the ONLY way to rid us of the newly married couple! although i must add it wouldnt be the way id want it to happen as i remember the last football league slalom!

         2 likes

  11. AJ WOLF says:

    This is a fantastic piece of investigative journalism.

    The shame is that it may go unnoticed and will certainly not get the kind of response Wolves fans so desperately crave.

    Keep asking questions and pushing the boundaries, it’s the only way that the truth will come out. I agree that Wolves fans don’t need to know the ins and outs of every aspect of the club but we deserve more respect than we’re being shown

       6 likes

  12. Stuart Maynard-Keene says:

    Brilliant article.

    Made even better as its nothing to do with the E&S or in the ring-fence of Facebook.

    I’m subscribed!

       3 likes

  13. paul fed up wolf says:

    what a fantastic read! you have hit the nail firmly on the head! moxey and morgan have alot of questions to answer and i hope they sit down read this and make an informed choice to speak to the fans(i cant see it myself but we live in hope) wolves fans are due some answers and realy need to get together to get them! here is the link to a group on facebook that are trying everything to get answers and hopefuly they will succeed, please everyone who is worried about the state of our club, please join and lets be 1 voice and stand together against the people who think that the wolves is just a hobby
    http://www.facebook.com/groups/276368062492200/

    i am sure you will all see we are all after the same thing ….answers

       1 likes

  14. Stuart Maynard-Keene says:

    Oh. Also, this squad that needs trimmed, if you take out the injured and kids you’re not left with much!

       3 likes

  15. wwwebs says:

    An excellent piece that is measured in its criticism. Good points, very well made.

       3 likes

  16. i love wolves says:

    Steve Morgan has already stated profits from homes will be redirected to new academy facilities FACT
    THIS IS THE WRONG TIME FOR THIS DEBATE,FOR ALL TRUE SUPPORTERS MAKE SURE YOU’RE FULLY IN VOICE BEHIND TEAM THIS WEEKEND AND LEAVE THIS UNTIL WE’VE MAINTAINED OUR STATUS IN THIS LEAGUE.
    LIKE MOST READERS HERE I DON’T LIKE THE COMMENT FROM J.M OF “COMMERCIALLY SENSITIVE” WITH REGARDS TO EXISTING CASH BALANCE AND I’M HORRIFIED AT OUR CURRENT PLIGHT IF WE DO INDEED HAVE £25 MILLION SITTING IN THE BANK.

       2 likes

    • Ad Mant says:

      I refuse to go quietly into the night. We have seen what happens when Moxey and Morgan are left to their own devices …

         8 likes

    • Leiden Wolf says:

      10 wins in 47 games.
      4 managers in that time.
      2 points off the relegation places – staring a second successive relegation in the face.

      ‘It has to start somewhere. It has to start sometime.
      What better place than here ? What better time than now ?’

      Apt lyrics from Rage against the Machine.

         7 likes

    • martin says:

      Morgan and Moxey have stated lots of things. About war chests, no job for a novice and so on FACT. Trouble is it turned out to be FICTION.

         3 likes

    • Waggies Left Peg says:

      I would fundamentally disagree that this is not the right time for ths debate, do we have it when we are languishing in Division One, sadly no amount of vocal support will sort this mess out, only change at the top will achieve that. I enjoy getting behind the team as much as the next man but all we do then is rubber stamp Morgan’s mismanagement and I am not prepared to do that.

         7 likes

  17. theDOOGooder says:

    Excellent blog Thomas.
    Well researched and impressively articulate.
    As I mentioned in my email to you I tried to put a potted view of this on the 606 phone in programme on Radio 5 Live yesterday evening.
    I challenged SM or JM on behalf of thousands of bemused Wolves fans to come on the programme and explain exactly what their plan was for the club we all love.

    None of us will hold our breath for an answer.

       10 likes

    • martin says:

      Well done Doog. Is there any way we can get to hear it?

         0 likes

      • theDOOGooder says:

        Hi martin. Sorry about the delay in replying, I was out with a client most of yesterday.
        There’s a podcast of the programme on the BBC website.
        My bit which took place near the end of the programme about 47 and a bit minutes in.
        I’m afraid my brain went dead at the thought of broadcasting to all those people but I think I managed to make our feelings known.

           0 likes

        • martin says:

          Thanks mate. I’ve just listened to it and i thought you did a good job and a lovely plug when you, rather proudly i thought, said you were a ‘member’ of the Wolves Blog.
          If anyone else wants to listen to it, it actually starts about 40 mins in.

             0 likes

    • goldcoastkiddywolf says:

      Hi ‘Mark from Bath’, you stopped me in my tracks this morning at work. I was listening to the 606 podcast and it was great to hear a comment on the Wolves. I only wish either Alan or Pat Murphy would attempt to follow up your questions directly to Morgan.
      But I guess they would be wasting their time.
      Great work, try and keep it rolling with another call to 606 next week.

         2 likes

      • theDOOGooder says:

        Cheers for that goldcoastkiddywolf.
        I did my best given the effects of a couple of glasses of red plonk and having to put on my brown trousers.
        Even managed to get a plug in for the Wolves Blog.

           2 likes

  18. NY Wolf says:

    Great article.
    Mr Morgan, please take what is rightfully yours and Piss of.

    Moxey fall on your sword right now.

    I love that club, you bastards dont.

       8 likes

    • geordiewolf says:

      NY Wolf, I share your concerns, but unfortunately we dont have people queuing up to buy Wolves. Could we as fans create a board to buy him out?
      A start would be to have a CEO with sound understanding of football and great business acumen.
      We share your pain, pack member!
      UTW

         0 likes

      • johnok says:

        I’m sure i can raise a tenner,thats all he payed for it.joking apart there was once a rumour
        that the owner of TATTA STEEL was interested.

           0 likes

    • If he takes what is righfully his it will be the princely sum of £10.

         0 likes

  19. geordiewolf says:

    Thomas may i complement you on a well researched and well presented piece of investigative journalism. It was a delight and so easy to read. Well done.

    Whilst we clamour for local or national paper recognition, i wonder how we get it to the likes of “Dispatches” on Ch 4 or other programmes.

    For all the great question’s posed, the one unfortunate in all this is Mr Moxey’s undoubted ability to make a profit! On this point, once again I complement you on how well you tease out, that had we invested money we would have certainly made even more money as seen by the £9m.

    It is exactly this point that demonstrates the lack of leadership from Moxey that should lead to a board vote of no confidence.

    I have read in many comments that fans should stay away or shun Wolves as customers did with Starbucks, to force a change. The unfortunate difference is that although we are Wolves customers, as were Starbucks customers, we are primarily WOLVES FANS. Any board member will be quick to point out that FAN is a derivative of FANATIC. Certainly, we need to back the team on the pitch and should use anything in our power to drive this change. Im not suggesting “storming the bastille” (not yet anyway), but certainly any adverse press to begin sending shock waves through the business structure followed by financial concerns is likely to have a greater impact.

    Well done again.
    UTW

       2 likes

  20. Interesting, I hope lessons have been learned and Wolves can have a bash at becoming a regular Premier League team over the next couple of season( with the right investment in players of course)

       1 likes

  21. chris h says:

    Thomas, A good article but a misleading headline.You say yourself that there is clear evidence that SteveMorgan has indeed put £30m into the club.You also confirm the accounts are robust.The club has made profits for years now,the football club Wolves 1986Ltd has made substantially more profits than you quote,but what you don’t say is that these profits have been held in reserves and the owner has not taken one penny in dividends.I agree entirely with your other comments viz, not spent enough in the transfer market,not spent wisely in the transfer market,should have concentrated on the team not the new stand,the club is not open enough with the fans and local press and Fans Parliament do not represent most of the fans concerns.
    But’ where has the money gone’ is misleading ,it implies someone is taking money out of the till.We know where the money has gone,new stand ,Compton,players transfers and wages.and we know there is a lot more still held in reserves.Your question would be better directed at the mismanagement of our football club and how are they going to turn things round.

       13 likes

    • Thomas says:

      Chris, thanks for the article compliments, but I don’t think the headline is misleading mate.

      Fans want to know where the money has gone from recorded profits, parachute payments, player sales, Morgan investment, etc.

      That’s what my article attempted to answer, hence why I chose the title.

      It alone doesn’t suggest anything to me. That’s merely your interpretation (and of course anyone who thumbs your comment).

      But it’s all about opinions and I’m sure plenty will agree with you.

      As always, I welcome a diverse selection of views, particularly when they’re not laced with expletives. Thanks for sharing.

         27 likes

      • Dave Vincent says:

        I think your title’s fair enough, sounds like you both agree for the most part but chris h is splitting hairs about how you’ve pitched the article. All the points you both make are good ones though.

           2 likes

      • Carl thewolf says:

        Im with you all the way Thomas where is all the money. I cant get my head around all the constant lies about so called war chests and making sure that there getting youngsters for the future.its obvious to me that they will only be sold if and when they come good to line m&ms pockets not to benefit the side at all

           0 likes

    • Wolfman Jack says:

      Technically you are correct. But I would pose the following question;
      ‘is this what Jack Hayward envisaged when he sold the club to Morgan for 10 quid and the latter’s promise to invest 30 million into the club ?’
      Somehow I doubt it.
      I’m not familiar with Morgan’s extensive business interests, of which Wolves are apparently only one, but I wouldn’t be surprised if the club assets are being used as collateral to prop up some of his other ‘assets’.

         9 likes

      • colin bird says:

        pitty sir jack cant buy the club back get rid of self confessed liverpool fan and his mate moxey or is it poxey. cmon sir jack sort them out. give us back our team. get us back were we belong.

           1 likes

    • robin says:

      Chris I agree with Thomas and you make a remark that it, the title of his piece, is and I quote: “implying someone is taking money out of the till…”
      To me, it is blatantly obvious this is so.
      The monies from parachute payments, transfers, the rebuilding of the stadium and the development of Compton, have all become entwined with Redrow accounts.
      Yes, theoretically speaking, were Morgan’s finances investigated, he’d come up clean as a whistle.
      However, we live in a society wherein ripping people off gets you knighthoods and hence individuals like Morgan can get away with legally “taking money out the till.”
      Facts speak for themselves and Redrow are doing very nicely out of Wolves, not the other way round.
      Also, excellent article Thomas, send it to every Newspaper including the E&S….
      “Now I must lie down where all ladders start
      “In the foul rag and bone shop
      “Of the heart.”…………. W.B.Yeats

         3 likes

  22. Simon Matthews says:

    Just wanted to say this is a brilliant article. Well informed, level headed and I agree with every word.
    Well done

       2 likes

  23. Sarf London wolf says:

    Yes well done -fair points made on profits and north bank which clearly restricted mick.

    However in terms of this season the fact that you and all the where’s the money gone posters don’t factor in is the cost to the club of relegation.

    Our income in 2011/2012 would have been around 65 mill with two thirds of that coming from the sky contract -we will have got 31.5 mill just like every other prem club plus 5 mill guaranteed from games on tv and 750 k prize money .Clearly also our gate money will be down too.

    The big disaster of relegation is we don’t get any sky money (apart from maybe 2 mill for championship games).To ease the pain we get parachute money – 16 mill this year ,16 mill next then 8 and another 8 in year four.

    So we go from a 65 mill business to a 44 mill business(65 minus 37 sky money plus 16 parachute) overnight .yes we have got 14 mill net receipts from transfers- fletch etc out , sako, boukari, siggy, doumbia and margreiter.But we won’t get the 14 next season hence the wage cuts and the wage bill reduction edict.

    The suspicions on finance are a direct consequence of Morgan allowing redrow to benefit from Compton .No one,so far, has suggested his companies have benefitted from the north bank development but its ano smoke without fire scenario type situation.

       3 likes

  24. martin says:

    Thomas, that was absolute class. A wonderful piece of journalism that puts the local hacks to shame.
    A wonderfully concise and accurate account of life under the stewardship of messrs Morgan and Moxey and, in many ways, a very damning one it is.
    You’ve clarified for me all the questions we (and of course the pathetic local press) should be asking.
    Your article is full of facts and truth, written by an honest guy with no hidden agenda.
    The chances of getting a straight, honest answer though from the likes of those two? Zero i’d say.

       3 likes

  25. Razor says:

    Yep – got to agree with you Thomas and with most of the replies on here. I have no problem with trimming the squad, but for this reason alone: We need to get rid of the deadwood in order to give room for the kids to develop. No point in having ‘A’ status acedemies, if the products of such can’t get a game because of freeloaders in their way. Prime examples recently have been Batth, Doherty, Reckord & Cassidy. With others on the way through, we need to get rid of the deadwood asap. Financially though, it’s a different matter: Great to know we operate in the black and for that like it or not, Moxey has to be applauded. BUT – and here’s the true test – I have been a season ticket holder for forty years (apart from a couple of years sabatical during the dubious reign of the Bhattis) and now I am finding out that I no longer care anymore. Along with several mates, we loved the Bull & Mutch-inspired rise through the divisions and the subsequent adventures in the Premier league. Sadly though, I am now one of only two of our party left. Over the past two seasons, all of my like-minded mates have chosen not to renew, because, to quote them: Us fans have ben sold down the river”. I stuck to my guns, because, well er because.. er well, it’s like this, I’m Wolves, aye I ? Couldn’t think of any other reason to stay on, but right now, I feel like I’m just gonna dust off me golf clubs and join me mates, because the state of affairs is just too depressing and it hurts me. And I guess, sad though it is, the board will only wake up and smell the coffee when the early bird flaps it’s wings and finds out that it is not going to take off……….might be too late then – the early bird might just resemble a dodo !!

       11 likes

  26. JamesHaybarn says:

    Very interesting article. I think far more accurate than anything theclub would ever admit. Think it also shows how we the fans should unite and make Messers Morgan and Moxey realise we cannot and shoul not be treated like fools. I think once Compton has been developed Morgan will look to get out, his heart and soul have never been iy ot. Wolves are just another business to him.

       3 likes

  27. HershamWolf says:

    It definitely IS time for transparency.

    There are two big questions that need answering: WHY did we not strengthen sufficiently after the ‘never again’ Blackburn game in May 2011? WHY NOT publish all the annual money ‘ins and outs’?

    This would tell us whether or not our owner has Wolves’ interests at heart…and greatly reduce the number of emotive, ill-informed comments resulting from the anger and frustration we feel because of our club’s current position.

    I’m all for finding a united way of getting these answers…and getting on the the business of getting back in the Premiership! I’m with you, “paul fed up wolf”.

       3 likes

  28. Get the scouser and fat git out and we may then have a chance. Piss off Bob the builder. The End

       6 likes

  29. Twixfix says:

    Thomas .. That is the most factually comprehensive piece of “Where’s the Money gone” analogy I have ever read.
    It’s concise, logical, unemotional and most important makes NO RASH ACCUSATIONS OR INSINUATIONS.
    There are a couple of points I would like to endorse ..
    1. It was always my understanding that the £30 Million promise from Morgan was for TEAM STRENGTHENING, which IMO has not taken place (and I believe was also Sir Jacks wish.)
    2. The article rightly condemns our own local newspaper (E & S) for not being more questionable of what is happening at Wolves.
    3. We are in the almost impossible situation of trying to understand the myriad and network of Holding companies, companies, offshore head offices etc.. all IMO designed to make the audit trail very difficult to follow.
    I pretty sure that M&M will choose to make no comments despite the mounting questions now being posed and I can only hope that the very question you raise of ‘Where’s The Money Gone’ will become a media agenda for some of the bigger journalistic press.
    This indeed will put considerable pressure on our illustrious peers to provide the answers.

    Fantastic piece of research.

       13 likes

  30. GoWolves says:

    Thomas, this is the best article I have read about our situation bar none (sorry Ben, but he really did do an outstanding job here :-)). Objective yet passionate, you some up the pertinent question behind our predicament in a way that I think unites all fans about how we feel. Bravo!

    I think there is also a related, follow-up question after this:
    Why did no better-qualified manager want to take us on after McCarthy? What really happened with Curbishley?
    I think these questions are very much related. I think we have gone from one left-field (managerial) appointment to another because behind all these appointments there is a pre-condition that there aren’t the funds for them to spend that they need for EPL levels.

    If your (our) concerns about the funds are true, and Wolves have been caught up in some ponzi-scheme gone wrong, then EPL status is nowhere close on the horizon. And if that’s the case, then who better for Wolves than Saunders. Think about it, why should he be worried about not being in the EPL? After all, the championship is one level higher than he was managing before, and probably at the limits for his capabilities (and he knows it).

    I think we are here to stay for a long while I’m afraid … for as long as it takes to figure out the answer to your question and regenerate those funds.

       2 likes

    • Wolfman Jack says:

      I don’t think its so much ‘some ponzi-scheme gone wrong’ as the fact that ‘Wolves F.C.’ (excuse the simplification) is owned/controlled by a man who also has several other business interests. His decisions therefore reflect his overall personal business interests rather than (as we would wish) the specific interests of ‘Wolves F.C.’ And so we as supporters must suffer because Morgan’s prime loyalty is to his total personal wealth rather than to simply one of his many assets…

         0 likes

  31. Tettenhall Wolf says:

    Very well written. Great Job to piece all the bit together.

    Off the pitch activities – I think it’s time for the club to be a bit more honest and less spin to fans.

    On the pitch activities – More action, less cheap talk please.

       1 likes

  32. bemused wolf says:

    An excellent and alarming article Thomas. Superb presentation. There has been talk that Morgan may have lost control of Bridgemere which you touched upon towards the end of your article. If this should be the case we should all be very worried. I wonder if anyone else has heard anything about this or just rumour ?

       0 likes

  33. Ledbury Lupus says:

    Fascinating read Thomas, I spent some time on various financial monitoring websites but none present any detailed information other than that which is obligatory for Companies House. It’s a complicated web of interlinked companies and holding companies all leading to Guernsey. There is nothing to arouse any concern to the amateur investigator but that would always be the case with competent financial staff.
    I understand the next Fans Parliament is on 27th February, does no one on this blog attend or know a attendee who can be primed to ask the main questions posted above?

       1 likes

  34. Adam B says:

    Lots of interesting points here, Thomas. Cracking read. Would love to see Express & Star do more about Compton Park as there seem to be major issues there. Find it strange that it is being spun as a great thing for Wolves when we were told a couple of years ago that our new training ground was state of the art?!

    In terms of the £30m I think there might be a slight misunderstanding on your part:

    “The club finished with a healthy profit of just over £2m. This impressive return for the year comes despite shelling out circa £20m on the new Stan Cullis stand – quite an achievement.”

    Isn’t this just the difference between a Profit & Loss account and a Balance Sheet? You wouldn’t expect the £20m capital investment in a stand to hit P&L at all – we have effectively converted money in the bank to bricks and mortar. Just a balance sheet item.

    Think that’s where he’d argue most of money has gone. Still doesn’t excuse fact that it’s a white elephant that we might never see filled in our lifetime because he wouldn’t pay the wages to keep us in the big league.

       11 likes

  35. Andrew says:

    I think this is a well written article but in my opinion i would suggest that everyone needs to be careful about what is implied here! I agree with earlier comments that the title implies serious wrong doing and is possibly verging on being irresponsible at a time when a lot of fans just want a stick to beat the management with even if the evidence available at present does not support this.The blog then brilliantly presents a good account of mistakes and bad decision making that I think we all agree with the benefit of hindsight were complete howlers. However I see nothing that says these were anything but bad decisions and mistakes or poorly timed decisions that have been debated time and time again. Most of us agree that the north bank was the wrong thing to so now but there wasn’t many of us at the time complaining. I am not in a position to say that no wrongdoing has occurred but would suggest that no one at this time can prove that it has definitely occurred. We are all frustrated, we all know that this team should not be where it is we all know bad decisions have been made but as a professional involved in business at a senior level then it is often misleading to take headline numbers out of sets of accounts and make judgements on these without some sort of commentary from those that understand them. I do however agree that the local press have a responsibility to challenge our club more rather than simply printing their own versions of the stories printed on the official site. A proper 2 sided informative piece on what is happening with the finances would be a great read and would allow us all to make our minds up based on fact rather than conjecture.

       7 likes

    • Twixfix says:

      Hi Andrew .. nothing disrespectful to you and your opinion here .. but personally I don’t think that Thomas is inferring anything irregular by his question. What he is asking is for answers to the many questions that have arisen along the way during Steve Morgan’s stewardship. One might perceive an inference in some of the stats ref inter company transfers etc but they are just questions that are prompted to be asked in the light of our continuing demise.
      I too have held a responsible financial post (Director) in a £30 million sales company. IMO it was seen by me as crucial to have meaningful communication with our staff and therefore avoid any conjecture or misunderstanding.
      THIS IS THE VERY PROBLEM NOT FORTHCOMING FROM MOLINEUX. .. COMMUNICATION. Hence the undercurrent from the fans who care deeply.

         13 likes

      • old goldy hated selling fletcher deeply says:

        tis very true twixy mate..its what happens when all we get is silence when all we want are answers. morgan out!!!!! WTID !

           0 likes

  36. phatman says:

    Thomas, I am wading through tears to write this. It maybe from the eloquence of your header or from the unbelievable situation we indeed feel is upon us. Whichever a fantastic piece. I’ve e-meithered Gareth Morgan (no relation) at The Daily Star, Wolves supporters may have a voice!

       3 likes

  37. Lickeyww says:

    CEO that let’s players contracts run down….demotivating as not wanted or motivating the greed of players leaving on a free which distracts from performance…oh and we lose millions in transfers… Who here thinks its time for poxey to go away.. He would be sacked within a year in the business world

       1 likes

  38. Shadowfax says:

    Great post. Everyone tweet the link to @TimNash1 and @MartinSwain1.

    They should be greatful you’ve done the groundwork for them and if they had any balls (or conscience) they would run with this story and find out what’s happening to our great club.

       1 likes

  39. Brizzie says:

    Great article and as you will see Thomas, much appreciated by us fans. E & S are weak and should have carried out their own investigations into the goings on behind the scenes. By not doing so they are failing in their duty to the Wolverhampton public and Wolves fans everywhere. I was hoping that David Instone would investigate and publish his own findings but you’ve done the job for him.
    Also, I cannot understand why the sports media haven’t picked up on our situation but perhaps as we’re not a London Premier League club our story is considered important. Let’s put that right and get some publicity.

       6 likes

  40. Clive from Houston says:

    First and foremost, hats off to Thomas, excellent piece.
    Secondly, it seems as though there are lots of new bloggers, or seldom bloggers, responding to this topic.
    Welcome, and welcome back.
    Now, how easy is it for some of yoose guys to make banners for Saturday with the “Wheres the money gone?” in big bold letters?
    Would be great to see some.
    Now, my point, for once, is not about the dynamic duo but about the players.
    We have all waxed long and lyrical about morgan and greasel, but what about the other employees at Wolverhampton Wanderers, the “players”?
    If most of us performed our jobs as badly, off with our heads.
    Why do footballers, and I use the term in it’s loosest context, get treated any different?
    Whatever is written into their contracts, and I doubt very much if most of them have read theirs, should be declared null and void, and they should be made to re sign, or not.
    We have a manager who is talking the talk, he should be let walk the walk by getting rid of crap NOW, and picking the players who show some pride in the shirt, who are not poncing around picking up a pay check for doing SFA. Let him play the nippers, and see what happens.
    The crowds will get behind them a damned sight more than the usual bunch of losers and no hopers who plod out every week.
    1 place and 2 points above the drop zone.
    I am going back to the blogs from this time last year, and will copy and paste the comments, coz this years are beginning to sound awfully familiar!!
    Dead Team Walking.

       4 likes

    • Steve Howl says:

      Thanks Thomas for an excellent piece. There are many questions left unanswered, and we will probably never know the truth.

      However, as i was reading the responses of others I was thinking – hold on, how about the players! So it was with some relief that Clive mentioned their role in all this. Whatever shenanigins Morgan and Moxey get up to off the pitch, it’s the players that play, the team that performs and channels our hopes and dreams!

      They have been through accident or design, very poor this season, and to my mind are responsible for the departure of Solbakken. I’m damned sure Solbakken didn’t tell the players to fanny around with the ball like they did – they just were incapable of acting on his instructions. Some players seem to think that they have a divine right to be in the team, and want to leave. Earn your inflated wages and play with some fight and win some games, it’s the least we deserve! You get 20000 people turning up to watch you, what more incentive do you want for God’s sake!

      I can’t believe there are Wolves supporters saying that they want Wolves to lose, because it’ll make a statement. Are you out of your minds?

         5 likes

  41. BedlamWolf says:

    I think whther proven or unproven most Wolves fans no that things really don’t add up and that they will never know the truth. But the real question in all this is – What can we do about it? As I am lost with this, this is what I would like to see someone write about.

       0 likes

  42. Raydewolf says:

    There needs to be a visible protest in the ground, that will cause a talking point in the local/ national media. constant exposure of the underlying problem / issues at the club. This blog is fantastic but we are all on the same page. Time to convert the non wolves blog masses to the cause , although even the staunchest supporters of the board must find it hard to defend current policy on team investment . That is the reason the club exists! The team! Are they forgetting this is a FOOTBALL CLUB? Not a NIGHTCLUB or a BOOK CLUB ……..

       0 likes

  43. Wolfgang says:

    We may be showing a profit but that does not mean that we:
    a – have money in the bank
    b – can afford construct like crazy

    a – if cash is going into new ventures, there is none to buy players, meaning that even though we are showing profit on paper, we still have are cash strapped to buy players or even pay them salaries.

    b – just to confuse things a little, the money that we throw into new sites is not deducted from the bottom line in one big sum. It depends on how quickly the sites are depreciated, my guess would be 15-20 years. If 20, the cost of a 20 million site regarding the profit line is only 1 million annually, but unfortunately for the next 20 years.

    a & b – too much money went into bricks and layers literally instead of the team itself. my guess is, we are in trouble because we have spent all the cash, something one can only see by looking at the cash stream, not merely the bottom line.

       3 likes

  44. Kishan says:

    I posted weeks ago on “12 yards” that the similarities between what is happening now and those dreadful days 1983-1986 are worrying me – extremely so!
    1) Period of relative success (then League Cup, recently Premiership).
    2) Stadium redevelopment (then John Ireland Stand/recently tan Cullis redevelopment).
    3) Owners with no real affiliation with the club (then B*****s/now M****n)
    Those Wolves fans who think the two Ms running OUR club now have the best interests of Wolves at heart rather than themselves are SERIOUSLY DELUDED or not TRUE Wiolves fans. Why oh why did Sir Jack give his/our club to that Scouse bastard!? I’d love to say that to Morgan’s face down a dark alley somewhere on my patch in London! I read some of the responses to this piercing blog and it is very sad. I hope our fears are unfounded. I hope I am wrong. Quite happy to run around Wolverhampton stark knackers naked if Morgan/Moxey prove me wrong and in a couple of seasons we are back in the PREM with them at the helm.

       1 likes

  45. Kishan says:

    Oh I forgot another similarity which never bodes well – the chopping and changing of managers!
    Remember Chapman, McGarry (the late great Bill came back in the early 80s), Docherty, Greaves. Cue 2012/3 – and more managerial chopping and changing. I’m going to bed!

       1 likes

  46. Great read. The longer Morgan stays quite the more we draw our own conclusions. I think when he does make a statement he will point out all the things we expect him to, and say all the usual things. It’s a shame because I do think he wants the best for our club, but doesnt have the football brain to run a club

       1 likes

  47. WolvesDave says:

    Fantastic article mate. I hate the “Moxey’s fat” and “Morgan’s rich” name calling drivel that summarize most peoples’ reaction to our plight. Finally a well thought out and factual analysis. Morgan and Moxey need to speak to the fans, because something is clearly not right, as you point out.

       5 likes

  48. Darren says:

    Fantastic read and blog but has left me with a couple of questions that I can’t find answers to which are;

    Did Redrow homes redevelop the Stan Cullis stand? If so then 20m approx. of one of SM’s companies went to one of his other companies. Nothing wrong there but a net spend by SM of 0m but on the records a spend of 20m or ‘investment’.

    I always thought that increasing share capital decreased the value of existing shares but gave greater control to the purchaser and in effect a buy out of share capital still means that this investment can be withdrawn at any time buy selling any shares. If that is correct, and I have to admit I have little knowledge in this area, then I wouldn’t call that an investment but more a temporary loan.

    Do Redrow do all of the work for Wolves in respect of Compton development and the new Steve Bull stand when it goes ahead. If so then as it is merely a transfer from one of SM’s companies to another I consider that to be a nett of zero by SM in respect of his investments.

    The way I see it is that if I transfer a grand from one of my bank accounts to another my total loss (or spend) is zero.

    Please feel free to correct anything I have written on here but as they don’t give us transparency what can they expect of us other than to consider that they are hiding something but it does appear to be that as a shrewd businessman SM is ‘cooking’ our books here if nothing else.

    As for the media, especially the E&S, why isn’t anyone delving into this because SM from what I can make out is far from our knight in shining armour but more of a player of our club.

    BTW an update on the rich list in the Birmingham Post January 28th has SM listed at no. 21 with 420m…asset rich…cash poor?

    I am not for one minute saying that he should go as there are far worse people out there but transparency should be a given and even the fans parliament shows JM to be nothing more than a puppet who uses the ‘commercially sensitive’ get out of jail card when it suits instead of giving answers.

       3 likes

  49. Keith says:

    A succinct piece Thomas; thank you for what must have been some fairly lengthy research to back up your blog.
    I have ‘followed’ the Wolves since the mid-Sixties, and have become a cynical supporter as a consequence of first hand experience of mis-management and good management seen over the years. As supporters we have short memories and remember our heroes and villains often for the wrong reasons, but we have had people at the club, and some are there now, who we all have admired on and off the pitch in the past twenty years for the right reasons.
    Taking emotion out of the profession, football should be a simple structure that can be evaluated by both the Board in terms of financial success and the fans by the performances they watch and the outcomes of each match. Football is, and always will be, a results based business on and off the pitch. At the end of the season the success of the executives will be reflected by the strength of the balance sheet and the success of the playing staff will be determined by the number of points accumulated, or more correctly the number of games won.
    The team on the pitch should play for the shirt and every manager has a duty to instil that in every member of the playing staff and to always play his best team. This means having systems that players understand and players that have the technical ability and intelligence to carry out those systems on match days. The manager should therefore be responsible for ‘his’ team and the board should be responsible for appointing the manager, backing the manager financially and not interfering in the day to day running of the team or the picking of the team.
    Given Wolves financial status over the past three seasons and continuing prudent approach on the playing side, and given the recent decision to appoint a manager and not back him in the transfer window, the natural conclusion to draw from your piece is that we are likely to go to Brighton for our last away game as a relegated side.
    A few opinions:
    Mick McCarthy did a great job in getting us promoted with a pretty poor side, but they were his chosen players and they played for him, fact. He however achieved what he set out to do when he took over a threadbare squad and said ‘I’m not Merlin the Magician, give me three seasons and judge me then’. When we were promoted to the Premiership three seasons later as Champions the Board should have done their job and recruited a manager to take us to the next level, mid table security with a Premiership squad. Mick McCarthy should have been applauded from the club with a positive record and a CV to reflect his achievement. Instead, we ended up with some pretty nondescript players who were no better than the ones we had, most of whom remained at the club to be lauded for their effort (which sadly is a poor second to ability and always will be) This waste of money was presided over by Jez Moxey who again has been an excellent accountant, at times salvaging some decent money from some poor situations which he maybe has been a party to in the first place. Sadly, he appears to be a political individual who is more interested in his own position than the team’s and he clearly understands the cost and price of everything but the value of nothing these days.
    Had the Board given Mick Mcarthy a golden handshake rather than a contract extension at the start of our Premiership campaign there is no doubt that the club would now be in an even better financial state because the money Steve Morgan had pledged would have been burgeoned by the sale of the majority of the Championship winning side at a time when good money could have been drawn for them. Instead the die was cast and Mick would hear nothing of the sort; after all he knew what to do having learnt from his previous Premiership experience of taking a side down with the lowest number of points ever.
    The Board is then responsible for what was a glorious debacle of a first season, when the team peaked and Mick hit on a system which worked for Kevin Doyle and after the West Ham away game we started to believe survival was possible. At the end of the season, the Board could have again done the proper thing and built on that survival, after all as you say Thomas the money was there, it was not actually a gamble but a business investment opportunity to push for consolidation. But no, we had the continuing embarrassment of an inept team, now fast de-valuing, and a relegation battle which we almost contrived to blow. On the last day of that season, at three nil down at halftime when all we needed was a draw and effectively staring down the barrel of a gun, the Board must have surely thought, ‘we were wrong to retain Mick’s services’?. Yet no, he was allowed to wreak havoc in his final season with inexplicable signings and contract extensions which again the Board are responsible for rubber stamping. Then, when he was fired, to appoint TC, his right hand man, to preside over our relegation was bizarre. Did no one stop to consider cause and effect? The long term coach was by this time ‘loved by the players’. Too right, the same coach who was part of a management team that chose to drop a player who was a former Man U trainee, top goalscorer in the Championship in the two seasons leading to promotion after he scored at the beginning of our Premiership campaign. The same team that punished another two players at least who were better than their replacements by droppig them for up to 6 months for ‘misdemeanours’. These other players couldn’t believe how good thieir contracts were thanks to MM and TC and dreaded being cleared out by a new manager, which should surely now be sanctioned by the Board?
    We now turn to Solbakken; an appointment designed to work over time by changing our style of play throughout the club. An appointment I applauded; Wolves trying to build continental-style for the longer term and a Board which is dogged in support of their management team. A new infrastructure and facilities; positive signs. Then we realise that all is not well. Clearly someone is meddling and interfering. Solbakken’s plans are half implemented. Very technically gifted little known players are recruited, players for the future, players who will be more valuable, but the old guard, forwards playing at left back, a plodding midfield more used to chasing and breaking up play than creating and going forward is halting progress from the back and a general ineptitude is there for all to see. Open rebellion by players who’s days may be numbered and loan players who aren’t professional and say thay didn’t really want to play at this level. Then injuries hit before the team has been crafted and the Southampton-esque experiment the Board wanted and truth be told the fans wanted is prematurely ended; it’s not working. Sorry Board, you haven’t given it chance to work (or has the manager been told you’ve got to make these players understand even though they aren’t capable)? Remember this is MM’s legacy. He wrung every last drop of effort out of players, with very few exceptions, who were simply not good enough for the Premiership and were it not for McCarthy many would not have played at Championship level let alone Premiership. The prompt appointment of Dean Saunders is again a difficult one to understand. Not a particularly successful managerial career to date but he has managed at lower levels which could come in handy if the Board have accepted this season’s fate. Hardly an ambitious appointment, but given that managers with pedigrees have turned the job down I suspect the Board is now taking a keen interest in the day to day footballing side. A recipe for disaster; leave the manager alone and back him to do the job you are paying him to do. Clearly they haven’t learned from past mistakes, a worrying trend which again is leading us down. I get the impression Deano is ambitious, he has a promising CV and a passion which the fans like. Sadly, in the games to date he hasn’t been able to improve the results, the acid test, and it appears his impression of the squad (and he played with some exceptional players) is that it is very poor. The war-chest was not cracked open during the transfer window and Deano did not get the men he wanted; hardly a ringing endorsement of his appointment by Steve Morgan. We can only speculate as to the reason why but again until a manager has his chosen players around him he cannot be properly judged. He clearly also needs time. In his shoes I would build a team around O’Hara with Johnson and Ikeme behind him on the pitch. I’m afraid the other players have got to step up and be counted, but many of the legacy players, as Deano quickly identified, are deadwood yet some have been given contracts which do not reflect the true return of their endeavours from the past three seasons.
    Sadly we are at a point now where even the most die-hard fan is screaming at the Board to wake up and invest in the team not the superstructure. A few loan signings now could make a difference and perhaps we can start to re-build next season, but the bottom line is a profitable club is not necessarily a successful club and the fault lies firmly at the door of the decision-makers.

       21 likes

    • Steppenwolfe says:

      Excellent account of poor decision making off the pitch reflected on it. Add in the unprofessional attitude of a group of players being paid a small fortune by the club to be professional. They didn’t seem to take any pride in their own performance under Staale.
      I agree 100% Keith.
      I am concerned that we are stuck with DS now when if we wanted to move forward it should have been Solbakken. I hope to be proven wrong but I wonder if DS can change our style to one capable of getting us to and keeping us in the premiership.
      Enjoyed Darren’s post and would like to know if figures are being manipulated to make the bottom line appear better than it actually is.

         2 likes

    • theDOOGooder says:

      Well said Keith mate.
      I don’t know why I should be but I continue to be amazed by the insight, intelligence and articulacy shown by contributors to this blog.
      I think that most owners and CEOs of football clubs think of fans as, at best, a necessary evil that helps pay the bills and at worst, a bunch of thick thugs.
      I’m sure that SM and JM are no exceptions.
      If they read some of the things written here perhaps they would begin to understand that we do have more than one brain cell between the lot of us!

         2 likes

      • Clive from Houston says:

        Who’s got it this week, then???
        Welcome back from Outer Mongolia, or wherever you went.
        Did you get to see The Sphinx’s inscrutable smile??

           0 likes

        • theDOOGooder says:

          I missed you too Clive.
          Had a great time away from the worries of being a Wolves supporter.
          Nearly sold the wife a couple of times too but a corral full of camels won’t cook your dinner or iron your ‘Y’ fronts so I thought better of it.

             0 likes

    • Kowloon Wolf says:

      Keith mate. You had me at “succinct”.

         0 likes

  50. Kowloon Wolf says:

    Superb blog, Thomas. Well, more like five blogs in one. I echo everybody else’s praise. It is a thoroughly objective piece and I learned a lot from it. There is nothing I can have any issue with there.

    What a sorry state we are in, all told.

    (And, without a trace of irony, I receive an email from the club overnight extolling “Double Cash Rewards” for club-shop merchandise and half-price entry for families into the Museum. Excuse me while I take a pair of scissors to my credit card …)

       0 likes

  51. Thank you for this. It articulates clearly what has been swimming in a primordial form in my head for a while. My goodness these are troubled times, but I think Mad Mick comes out of this looking better than anyone. Stale’s probably partly absolved by this as well.

       0 likes

  52. In other news – don’t we own this guy’s registration
    http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-21328997

       0 likes

  53. jason says:

    protest ,loud and proud ,wolves are we ,morgan moxey out .wheres the money gone

       1 likes

  54. Firstly I have to say excellent blog and clearly there are answers required from Morgan.

    I also feel that some supporters require a reality check. Sir Jack sold this club to a successful self made millionaires businessman. He was not a Wolves fanatic who would write off millions of pounds of his own money, nor was he some super rich middle eastern who had a spare billion he could fritter away on his new toy. His intentions were always about making money and I’m sure its no coincidence that being owner of wolves has helped him acquire the land at Compton.

    I genuinely feel that Morgan wants us to be a premier league side because that has to be where he and the club can make most money, however he is not bankrolling us to get there. Im sure he felt we would bounce back up and everything would be fine however once it became clear that wasn’t going go happen he refused to sanction January business unless DS got money in first- hence the everyone can go.
    My biggest issue with Morgan isn’t where has the money gone (reduced turnover, new stand, wages) but as decision maker at the club his decisions have been awful.

       3 likes

    • chris h says:

      Reg , I think as indicated in my earlier post ,I agree with most of your comments. The problem has been poor decision making, especially in the transfer market.One point though,I can recall vividly that Steve Morgan said when he first took over,that he did not anticipate making any money out of the Wolves because that didn’t happen with football clubs. So I don’t believe he is in it to directly make money out of us. I think Martin Swain has made the valid point on twitter,there are far more obvious ways for Steve Morgan to make money than owning a football club.Also I have read somewhere above,that some fans think Sir Jack wanted the entire £30m invested in new players.This is not the case,in his programme notes at the time Jez Moxey made it clear that not all of the £30m would be used for buying new players.This is not just my opinion, this is a matter of record. Things are bad at the minute, we need to understand why and what are the plans to get things right,but we want to avoid knee jerk reactions that will land us with more problems.STEVE MORGAN IS NOT OUT TO ROB US>FULL STOP

         3 likes

      • Ad Mant says:

        Disagree.

        it isnt a secret that he has no cash flow after a failed takeover bid, and with no money made available for the club, it doesnt take a big leap to realise where the cash has gone. I grant that any club isnt just the starting 11, but spunking tens of millions on a stadium and ZERO on keeping that squad in the top tier is gross incompetence … Morgan is a cowboy, and Moxey the deputy sheriff guarding the stash.. and by doing nothing we are letting them get away with it.

           6 likes

        • chris h says:

          Ad Mant Think about it.He would have had more of a cash flow problem if the take over had gone ahead.He was proposing to buy out the other shareholders,now he doesn’t need to.As for building the stadium before the team ,I was the first to point out the folly of that ,did you not see my comments when the proposals were first announced,’footballers not bricks ‘ I said on the Eand S site week after week.At the time many Wolves fans criticised me for saying that. As I pointed out at the time,it was a mistake to build the new stand.But there is a big difference between making a mistake and being a cowboy on the make.People need to stand back and think who the hell are we likely to get in who is any better than Steve Morgan. Sir Jacks dont grow on trees.

             1 likes

          • old goldy hated selling fletcher deeply says:

            good points chris but i dont think hes learning from his mistakes just making more; sending us crashing into league 1 faster than moxey eating a 6 person meayt pie!

               2 likes

      • Wolfman Jack says:

        ‘…he did not anticipate making any money out of the Wolves because that didn’t happen with football clubs. So I don’t believe he is in it to directly make money out of us….there are far more obvious ways for Steve Morgan to make money than owning a football club

        I couldn’t disagree more.
        Should the club ever become established in the PL, just watch Morgan take the club to the stock market and make a fortune. And there is plenty of anecdotal evidence that, in these strange times, there are few ways for rich men to get even richer than by buying a football club – see John Hall at Newcastle, Peter Johnson at Everton, Martin Edwards at Man. Utd, Doug Ellis at Villa, Sam Hammam at Wimbledon, Alan Sugar at Spurs, Bob Murray at Sunderland – the list goes on and on…

           3 likes

        • woodywolf says:

          There is a sure fire way to make a small fortune by owning a football club – start with a big one! There are so many inponderables, arguments and counterarguments about the money that has been spent or not, what is and what isn’t available.

          So much of this could be dispelled by better communication. At present there is either none or it’s all smoke and mirrors so nobody trusts the board any more, whatever they say. If they were to give a full and frank account to, say, WM or the Suppress and Smear, we just might start to have a bit more faith in them. Unfortunately a huge herd of pigs is just taking off from the Molineux because it will never happen.

             4 likes

        • chris h says:

          Wolfman, It is my opinion and you have got yours.It is a fair list of people who did make money,but the list is longer of those who have ended up losing a packet .It cost Sir Jack a large fortune for a start. Pickering at Derby sold his free press paper for big bucks and pumped all his money into Derby and ended up broke and still many Derby fans at the time thought he should do more. I think most multi millionaires buy into football clubs for the ego trip rather than seeking to make money out of it.Some like Sir Jack do it for the love of the club ,but expecting someone else of that ilk to take over at Wolves is highly improbable.

             1 likes

  55. Morph says:

    Been recovering from exams and a disappointing thursday night for the weekend. Come back to the blog and find this gem. Great piece of writing.

    “Where’s the money gone” should be the only chant sung on saturday. Over and over.

       4 likes

    • old goldy hated selling fletcher deeply says:

      i like the sound of that! they must read theblogs cos dean has come out saying it wasnt about the money but because the right players werent out there..bet theyre out there when they are free on a loan signing eh jez???!

         2 likes

  56. Steppenwolfe says:

    Not only a great blog by Thomas but some really excellent responses make for great reading. Best Wolves site by a mile.

       6 likes

  57. OLDGOLD46 says:

    I HAVE BEEN COMING SINCE 1956 THE TOO M HAVE TURN US INTO A JOKE AND WE WILL DO WELL TO STAY UP. AS FOR STAL BEING SACKED I THINK IT WAS THAT HE CAME OUT AND SAID
    THAT HE WAS BRINGING PLAYERS IN JAN, AND MORGAN DECIED IT WAS CHEAPER TO SACK HIM THAN BUY MORE PLAYERS AS HE HAS NOT SPENT ANY NOW.

       4 likes

  58. Wolves4ever says:

    Great piece of writing. Still staggered that there are fans who think morgan has got the footballing side of wolves best interest. Wolves footballing team is just a small cog in the morgan machine. Wake up and smell the coffee. Morgan does not give a stuff about wolves. I think he did at the start. If he still did, why only buy one first team player when we scraped survival. Were the other 10 players suddenly going to become world beaters. Utter bollocks. I want him to get lost as we are definately going to be relegated. Remeber the players have all had a paycut while he us buying up most of wolverhampton. I wouldnt want to work for him.

       7 likes

    • old goldy hated selling fletcher deeply says:

      i think weve p—-d him off so much hes just using the club to make him more money..what do i know

         1 likes

  59. johnwu wu snr says:

    well said keith. could,nt agree more

       0 likes

  60. Cside wolf says:

    Interesting article, thank you.

    Living in East Anglia, I have seen something similar before.

    Norwich City chairman Robert Chase did something similar 20 odd years ago. He owned a building company & made a lot of promises, & didn’t deliver.

    It’s worth doing a google search for him but there’s this article that’s worth reading…..

    http://www.twohundredpercent.net/?p=21377

    UTW

       2 likes

  61. mark davies says:

    How to respond and what to do with the mess the club is in, as Clive said two points of the bottom three. Is it only the fans who realise the players are not fit for purpose, while the two Ms and the manager think a we have enough to stay up.
    Well I`m not going to the Leeds game, what with Six nations rugby on BBC, and my lad has a home game ko 3pm. I intend going to as many away matches as I can, living in Nottingham, its so much easier to go to Forest, Barnsley and so on.
    My season ticket can gather dust in with the moths in my wallet, while I can keep an eye on the score through Sky, I for one have had enough and will not be spending any of my money at Molineux. I hope thousands stay away to register their disgust at the way the club is being run, and who can complain about that. Mind you a win would come in handy, I just won`t be there to see it.

       7 likes

  62. The Realist says:

    Brilliant article, Thomas. Thanks.
    Morgan and Moxey are running scared of debt and it can be a terrible thing if it gets out of control so they are right to be wary. But debt isn’t the worst thing in the world. Firstly there is good debt and bad debt. Good debt is where you use the money to invest and grow the business. Bad debt is where you have recklessly overspent and have to borrow to cover the overspending.
    I cannot believe that Steve Morgan grew Redrow from nothing to where they are today without borrowing some money and I would guess that virtually every FTSE 100 company has had debt at some time. Of course all these successful companies had a proper board of directors who knew how to invest and manage and control they debt they had taken on.
    I am not for one minute suggesting that Wolves should have gone into debt just for the sake of it but if we had wanted to get established in the top half of the Premiership that might have been the next step.
    So, if debt isn’t the worst thing in the world was is? Mediocrity and stagnation come to mind –
    and that is where Wolves are heading with Steve Morgan in charge.

       6 likes

    • old goldy hated selling fletcher deeply says:

      i think the problem is weve got the two most footballingly clueless commedians in charge of OUR club…

         1 likes

  63. The Cynic says:

    In the years I have been supporting Wolves there have been three really depressing times. Firstly when Stan Cullis was sacked, then when the Bhattis were in power and now when Steve Morgan appears to have lost interest in the club.
    I do think Morgan started by genuinely wanting to get the club into the Premiership but I feel he has found it is a far more difficult and costly job than he thought and he has started to lose interest in what is after all his adopted club.
    The thing which surprises me the most, though, is why he still thinks Jez Moxey is so wonderful. I understand from people outside football that Morgan is a tough business man but, if so, how can he keep Moxey in the job when Jez has undoubtedly failed in his job for at least the past two years.

       7 likes

  64. Morph says:

    Genuine quote from Saunders I’ve got off Sky:

    “It’s hard to find goalscorers. It will cost you £2m unless they’re getting on a bit or they’re young like Chris Wood.”

    Yes Dean. A class goalscorer will cost £2m+. We easily have £2m+ to spend. Why are you talking like that is a huge amount to spend!? Baffles me it really does.

       7 likes

    • Not as baffling as comparing Kevin Doyle to Bully. And only the other week, Bully (on that infamous E&S chat) compared Ward to Thommo (allegedly!). Is nothing sacred anymore?!
      Can I not enjoy the memory of one of my old heroes in peace, without some spin artist desecrating on him?
      It’s bad enough they don’t play anymore, let alone be used idly as some sort of pawn in an attempt to appease us over this never ending shambles.
      Doyle. Bully. Really?
      What next? Anthony Forde dubbed the new Robbie Dennison?
      AGGHH!!!!

      PS: How is our ‘We’re gonna do a Reading’ pledge going Christophe? Give. Me. Strength.

         9 likes

    • old goldy hated selling fletcher deeply says:

      its so galling aint it morph mate! i bet if he took a dna test hed be moxeys son! just remember it was e+s (i believe) that lead us to believe that stalle was a really strict boss with discipline right up there…i reckon as everyone says the club has the paper in its pocket!! its like a paper in the old communist russia comrade!

         3 likes

  65. Wolves4ever says:

    Bully is good to lose some credibility if he gets sucked into the morgan/moxey spin bullshit to the fans. I said before morgan has to watch his level of debt across all his business interests as his ultimate aim is to own redrow again. Hence he bid £580m to gain control of redrow. Banks lend money based on risk and debt levels. Too much debt and they get nervous. While he still hankers after redrow, dont expect too much investment in players. Buildings etc yes. Players no. We will be relegated.

       3 likes

  66. Clive from Houston says:

    Having met Mr. Bull, and spent some time with him, I can say, hand on wallet, that he is as passionate and worried about this club and it’s future as any of us on or off this blog.
    If anyone doubts his sincerity then they should have their bumps felt.
    I promised I would not repeat what he said in confidence to me and Big Mark and Scooped ……….and I wont.
    Have some faith, chaps, Bully is definitely one of the good guys.

       1 likes

  67. Wolves4ever says:

    You can already see bully being used by mirgan and moxey. Did you see the video of morgan unveiling his houses at compton. He had bully as special guest. Bully is a legend and he will get dragged down with these 2. Same as dougan was figurehead for bhattis, while they were behind the scenes destroying the place. I really hope bully has very clever people around him advising him what to say and do, as already a few things he is saying is upsetting the fans. Morgan and moxey abd saunders are using his name and standing with wolves fans. I hope he realises what is going on although he is on their payroll.

       3 likes

    • martin says:

      You’re absolutely right, Bully is a legend and we will never see the likes of him again. Over a hundred goals in his first 2 seasons, 306 in all. A wonderful, wonderful footballer and loyal throughout his career. It’s memories of the likes of him that make supporting Wolves bearable these days.
      Unfortunately he’s the sort of honest, genuine guy who could very easily be used and manipulated by people who are good at that sort of thing and i’d say Moxey and Morgan are two of the best. I hate to see our hero involved with those two.

         3 likes

  68. Darren says:

    Have to disagree with quite a few on here who think that at the start Morgan had our best interests at heart.

    IMO Morgan failed with his beloved club and saw Wolves as a second chance albeit probably a better one then the one he missed out on with Liverpool. He is a shrewd businessman and saw that we were in a healthy financial position with a good chance of reaching the promised land and in the process making him even richer than he already is if we could manage to stay there.

    The fact that we scraped away until we perished convinces me more that Morgan simply hoped we could stay there for a few more seasons before cashing in and having the readies to use to buy Redrow outright or have a second stab at Liverpool.

    Even now as we see our club slide the way it is managed still convinces me that the footballing side of things has never really been on SM’s agenda but is merely a thorn in his side which is in the way of him making more money from the club before eventually bailing out.

    Once all of the building work is completed I can see Morgan bolting and taking everything he can with him leaving us fans and some other poor sucker to pick up the pieces.

    You don’t get where he is without being thick skinned and having people in place at the top take a lot of the flack such as Moxey which is why he’s still here IMO and if anyone thinks that he doesn’t sleep at night worrying about the club and the plight were in I would say he wouldn’t give us a second thought.

    When a business starts to regress into the thought process that is now being shown here it is not too long before that business collapses and it is more than likely that this will happen to us.

    Said on another site that DS seems to be the yes man they wanted which is why he was put in place. Stale wanted more investment to try and create what they wanted him to do (did they really) from the start and they didn’t want that so they found DS to work on a shoe string instead.

    SM seems like the basket brothers to me but just a bit smarter and raping our club a different way. They got found out before it was too late but will Morgan?

    I sincerely hope so.

    IMO Morgan invited this type of criticism because he steadfastly refuses to talk to us and appease our worries. Pity he didn’t think like that when he stormed into the dressing room isn’t it cos the rot started then and has simply carried on and on ever since.

       6 likes

  69. Thomas

    Very interesting and well constructed analysis most of which makes a great deal of sense and answers many questions. I have some reservation regarding the £30 million pledge however. I believe the spirit of the agreement was that Morgan was to PERSONALLLY invest £30 million of his own money in return for SJH’s debt write off. From the information you provide it was actually provided by the holding parent company, through other associates in the form of a share issue. I am not an accountant but I don’t see it as quite the same thing as it would seem open to subsequent financial manoevering ttheough the various Morgan group companies for utilisation in non football related projects.

       1 likes

    • Cwmbranwulf says:

      Morgan is a highly successful businessman who has not only come through possibly the worst downturn in the building trade in recent memory, but he has actually increased his dominance in the trade whilst amassing an enormous personal fortune. This tells you something about the man. He is not only a survivor, he is an opportunist and he seized what may prove to be his most lucrative deal when we came onto the market for a pittance but with a specific responsibility to input considerable funds for improvement.
      My interpretation was that this input would be ” his money ” not money that has been made whilst he has been at the club. This is where SM is in his element making money for himself and this is why he can never be trusted to do the right thing for the club. Deep down he has no love for our club and when he’s ready he’ll be on his way.
      He started the rot with his refusal to fully support MMc with sufficient funds despite the writing being on the wall for us in 2010/11, and again before and during season 2011/12. He pulled the rug out from under MMc in front of the players and then still in a tantrum he decided to embarrass us all with his disastrous PR sacking of MMc and appointment of TC, followed by his sacking. As if this wasn’t enough he treated Ståle like some incompetent fool by sacking him when he hadn’t even got to the bottom of the malaise within the club. I wonder how much time and lack of money it will take before DS realises what a challenge he has on his hands. Morgan is the malaise within the club, so to is his CEO and to a lesser degree some of the overpaid players.
      Morgan couldn’t get control of his beloved Liverpool supposedly through a lack of funds and support but I prefer to believe the other opinion that they didn’t want him there because they knew more about him than we did and they knew that he was simply ” a snake in the grass ” who was only out for himself and would not bring anything to their club.
      We fell for his spiel and the lure of his money. No-one to blame but ourselves.
      As ever UTW !!!!!

         3 likes

      • Glad to find another who shares my opinion of Morgan. I think it says a lot that Liverpool actually preferred to go with Hicks and Gillette.

           1 likes

  70. lawolf90 says:

    Brilliant Mr T ……finally its out there and needs to be addressed…..
    SIR JACK & MORGAN ARE PARTNERS .
    Why else would SJH turn down offers over his asking price, and just give the club away to Morgan ,a real estate investor/builder.
    SJH was the TOWN SHERIFF , he could open doors for Morgan , that no one else could open .
    Moxley is a big part of this deal , why else would he be still here

    SJH, Morgan and Moxley are the same breed of people , greedy fat liars, manipulators and deceivers . That’s who they are , that’s how their world works .
    They told people what they wanted to hear ,while moving ahead with their own hidden agendas .
    One simple question for any doubters ………..

    Q .HOW LONG WOULD HAVE MORGAN HAVE LASTED AT LIVERPOOL IF HE HAD PULLED THE SAME SHIT THERE .

    A. HRS ? DAYS ? …THERE WOULD HAVE BEEN A BOUNTY PLACED ON MORGANS HEAD .
    FACT IS …. THE FANS WOULD NEVER ALLOWED IT TO HAPPEN , THEY WOULD HAVE BEEN ON TOP OF HIS EVERY STATEMENT AND MADE SURE HE FOLLOWED THROUGH ON HIS PROMISES.
    THEY WOULD NEVER HAVE ALLOWED A STADIUM TO BE BUILT AHEAD OF PLAYER INVESTMENT , AND NEVER EVER ALLOWED THE CLUB TO BE RELEGATED BECAUSE OF LACK OF SPENDING ……PERIOD.

    Follow the money …..it leads to the truth.

       0 likes

  71. Andy Lockett says:

    Excellent article Thomas – very well researched, constructed and written. The time has most definitely now come for Morgan & Moxey to give us some straightforward, honest answers.
    Wolves fans have had to suffer an awful lot in the last 12 months and the very least we deserve for all our emotional and financial input is some respect from the owner & his CEO.
    They have a condescending ‘we know best, so don’t criticise’ attitude towards the supporters, which makes me think there is something being hidden – as far as the clubs’ finances are concerned.
    Whare has all the money gone ? The prize money we got for finishing bottom last year; the parachute payments; the net income from transfers; any existing funds – don’t tell me it’s all gone on (the unneccessary) stadium redevelopment, players’ wages and agents’ fees ?
    What the hell is going on at the Molineux – the bizarre sale of Zubar out of the blue, the sole ‘window’ signing of an 18 yr old from Newport County….
    Are M & M taking the mickey out of us, and the club they purport to run ?
    Or is there another more secret agenda going on here – or am I being paranoid and is it just a case of pure incompetence on the part of our comedy duo ?

    I beleive Paul Franks is quizzing Jez at 2.15pm on WM on Saturday before the Leeds game. Shoudl be worth a listen – or not, if we get his usual line of bland, evasive politician-style answers.

    Where do we go from here ?

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  72. Interestingly Moxey has issued statements in the E&S this morning which touch on this subject. After blaming the players (in part obviously correcctly) and by implication attempting to absolve or at least minimise his own and Morgan’s part in the shambles that WWFC has become he is again using his smoke and mirrors approach by emphasising falling revenus, loss of sponsorships, reduced parachute payments etc.

    Quote – “As for the fans singing ‘where’s the money gone?’ – it’s out there on the pitch. I am not sure the fans truly appreciate the costs…we will clearly have difficulties from a trading point of view and lose money on this season.”

    Absolute rubbish, there is still a residual £20 million from Summer transfers which he personally pledged would be invested in the team. No businesss can keep selling it’s prime assets without replacing them.

    He then goes on to deny any direct links between WWFC and Redrow.

    Quote –
    The club’s first officer also dismissed as “ridiculous” message board-led rumours about chairman Steve Morgan’s business dealings with his firm Redrow impacting on Wolves.

    “Redrow has no bearing on Wolves. The chairman is the same man. That’s it. There is no financial inter-dependancy,” he said. “This is just nonsense.”

    This is not simply misleading it’s just not true.

    Apart from the obvious realities of common ownership a little digging will reveal that WWFC is, via several intermediaries ultimately owned by Morgan’s personal group Bridgemere Investments Ltd. which itself has direct links with Redrow.

    I have tried to make this point on the E&S message board but surprise, surprise it didn’t meet with the approval of the moderators. It is absolutley clear that the E&S are not willing to address this subject so I concur with other posters that all the information summarised by Thomas might be useful in the hands of a less parochial newspaper.

    Thomas
    If you read this I undersatnd that there was a feature in yesterday’s Daily Mail which was less than complimentary about the goings on at Molineux. I havn’t managed to access it retrospectively, but it might be worth your while exploring the possibilty of dialogue to at least move things into a more open arena.

       2 likes

  73. Wolfman Jack says:

    Now I’m not disillusioned, I’m furious.

    Amongst the spin Moxey gave to the ‘Birmingham Mail’ was the following quote;

    ‘I think I care more about Wolverhampton Wanderers than anybody else. I absolutely believe that’.

    The man has been at the club for what, 12 years, and thinks he cares more about it than those of us who grew up as small kids wanting only to pull on the old gold shirt ? Those of us who have spent money we could ill afford to follow the club over decades ? Those of us who queued overnight in the cold for tickets for big matches ? Those of us who stood in the rain at a 90% empty Molineux as the club sank like a stone ? Those of us who drove huge distances to watch HOME matches ?

    In one sense he is right, of course. He cares about the club because its the club which pays his obscene, bloated salary. But he cares about it for all the wrong reasons…

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  74. Moxey's Bonus says:

    Excellent article , thankyou.

    Yesterday i recalled Solbakken’s comments after his sacking. Remember , he said he rang Moxey after the Luton game ‘to discuss transfer targets’ , only to be told he’d been sacked. I’m thinking that on his appointment , Solbakken was probably promised funds to strengthen the squad during the January transfer window.

    Sacking him and replacing him with a yes man was a convenient way for Moxey and Morgan to avoid this problem. It would have been highly embarrassing for the pair of them had Solbakken resigned on the grounds that the Board had gone back on their promise of transfer funds.

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  75. I watched my first Wolves match in 1955 ( v.Roumania C.C.A- if you’re interested). The most recent in January 2013 v. Luton. Bit of a difference heh? Despite geography, economy & sanity I’ve maintained my love of the club and indeed passed it on to sons & grandsons who are proudly the only Wolves supporters in their schools. So why do I have this feeling of déjà vu and believe that M & M are the Bhatti Bros reincarnate. The performance of this pair in their management of managers is beyond mere incompetence. The failure to act after the Blackburn fiasco – when people like Allardyce were available. To sack MM mid season without even a Plan A let alone a Plan B. To appoint SS with at best an iffy CV and then bottle out. The decision not to appoint O’Driscoll will come back to haunt them as Bristol City overtake us. Dean Saunders took Doncaster down before putting them into their current position in Division1 – is this our aspiration?

    A fine article Thomas, but don’t hold your breath re: E & S, local papers have always been the lackeys of the Football Club, ask the Manchester Evening News.

       0 likes

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