Wolves have backed manager Mick McCarthy to be “smart” in the transfer market this summer.

Budgets are still being drawn up for an assault on the Premier League, but owner-chairman Steve Morgan will hand McCarthy what it takes to see the club stay up.

Chief executive Jez Moxey said: “Sunderland have spent £60m and they might not stay in the Premier League.

“Mick and the team have found outstanding value for money with his resources over the last three years and that’s what he has to carry on doing going forwards.

“He’s a smart manager and we like to think of ourselves as a smart club. When you think of our resources, we’re pleased with the results we’ve got from the investment we’ve made.”

Wolves have banked £30million straightaway through media rights following promotion and they still have around £25m ring-fenced under Morgan’s takeover agreement.

McCarthy pledged to spend every penny he’s given.

He said: “I would imagine that the money there for transfers will be spent. How do you define ‘going for it?’ Paying a transfer fee of £7million and paying someone £50,000 a week?

“We’re not going to leave £10million, or £3million or £4million in the bank. If there’s money there, we’ll spend it.

“I think trying our best is going for it. Whatever we have got, we will do our best to spend to sign players and stay up.

“We’ve seen what Hull and Stoke have done, and, within their budget, they have gone for it.”

Wolves will invest on wages and transfer fees more heavily than they have ever done before in their history.

But Moxey insisted the club will not risk their financial future at any cost.

He said: “The last time we went up, we were relegated with Leeds and Leicester and finished bottom, but we have survived that situation better than those two teams.”