Wolverhampton Wanderers have announced plans to redevelop Molineux. Wolves are keen to increase the capacity at Molineux - currently 28,525 - and Wanderers chairman Steve Morgan has given the go-ahead for phase one of a three-step project to begin in May.
The first stage will see a new two-tier stand constructed in place of the Stan Cullis Stand, costing £16million and increasing capacity to 31,700 in time for the start of the 2012/3 season.
Morgan told the club's official website: "The aim is to drive the club forwards at all levels and to ensure we put our team in the best possible position to compete at the highest level.
"We know there is a balance to be struck. This decision is about a statement of our commitment, belief and ambition and about the planned success for Wolves over the medium to long-term.
"But we will also continue our policy of investing in our talented, young squad. There is no point in having a great stadium if we don't have a great team to play in it."
Wolves chief executive Jez Moxey confirmed boss Mick McCarthy will have funds available in the summer.
Moxey told Sky Sports News: "The priority remains the football team and there will be money to spend on players. Wolves have always spent money on players and that will not change in the future.
"This project is not dependent on us being in the Premier League in the short-term but our ambition is to be in the best league in the world and we believe we have got the right structure, the right manager and the right team to keep us there and to prosper in the years ahead."
Moxey revealed Wolves plan to allow their supporters to get right in the face of their rivals, adding: "Internally the facilities are no longer as good as we want them to be for our fantastic fans.
"Importantly, we are trying to ensure we get the best possible atmosphere inside Molineux so we're moving the stands much closer to the pitch to create an incredibly intimidating atmosphere for our opponents."
