Ecstatic Wolves fans were today celebrating Premier League survival by a whisker — bringing an £80 million  windfall and a huge economic boost to the region.

Stephen Hunt’s 87th-minute goal brought amazing scenes at Molineux and massive relief to chairman Steve Morgan, who was today watching the start of the stadium’s redevelopment as work started to demolish the Stan Cullis stand.

The club’s survival secures the £80m in Premier League revenue, TV rights and gate receipts.

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But the club’s top flight status, along with Albion and Villa, is also worth tens of millions of pounds to the region by maintaining its profile internationally and attracting investment.

Another season in the Premier League is also more likely to mean the long-term rebuilding of Molineux can continue, with the second phase involving the rebuilding of the Steve Bull stand possibly starting at the end of next season.

Fans poured on to the pitch yesterday after one of the most dramatic matches Molineux has ever seen.

Mr Morgan said:”It’s taken 20 years off my life! What an end to a terrific season — I just want to say thank you to all Wolves fans for their fantastic support.”

Bulldozers were today starting to demolish the Stan Cullis stand, which will be replaced by a 7,700-capacity replacement. Some fans ripped up their old seats as souvenirs yesterday.

Wolves chief executive Jez Moxey today admitted relegation would have been “a huge blow” to the club’s redevelopment plans, adding: “Survival means our journey continues uninterrupted by the vagaries of relegation.”

City council leader Roger Lawrence said: “The profile you get from being in the Premier League is huge not only on a national level but an international level as well.”

Mayor of Wolverhampton Bert Turner said: “I’m overjoyed. I think this is the kick-start for the city of Wolverhampton that they have stayed in the Premier League.

“It is great for the city in terms of business and morale.”

Defender Jody Craddock today joked on his Twitter page: “Having watched Match of the Day I think it was easier playing than being a fan and watching.”