Wolves head for financial meltdown with contract situation

Wolves chairman Steve Morgan has admitted that the club have not made any financial plans for relegation to League One.

Wolves chairman Steve Morgan has admitted that the club have not made any financial plans for relegation to League One.

Wolves, who were relegated from the Premier League last season, have a wage bill of £25million, with chairman Morgan revealing that the club are losing £6.5million per year. Financial issues would only increase if the club suffer a second successive relegation.

"It's up to us to make sure we don't get into a tailspin," Morgan said.

"The contracts were all done when we were in the Premier League. There was no question or thought about going into League One.

"None of the contracts take that into account."

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