Wolves owner Steve Morgan lifted the lid on the turmoil at the crisis-hit club in an emotional showdown with fans last night.
He pledged his commitment to the club, but admitted he was “pig sick” with the situation it found itself in as it battles against a second consecutive relegation.
And he revealed that Chief Executive Jez Moxey has taken a 50 per cent pay cut.
Speaking to members of the Fans’ Parliament, the multi-millionaire said: “What’s my exit plan? I don’t have one.
“But if it gets to the point where I feel I am not wanted I will go. Simple as that. If you want me to go I will go.
“But if that day comes, it won’t be for the want of trying or effort.”
He told 37 supporters during a frank three-hour debate at Molineux last night: “I am fully committed to this football club and I want exactly the same as you.”
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Mr Morgan has been criticised by fans at the alarming decline of the club, which is threatened with leaving the top two tiers of English football for only the third time in their 136-year history after just nine wins in 47 games and four managers in a year.
But he revealed the huge impact the club’s demise has had on his personal life, while he assured fans he shared their heartache and pain.
He also revealed under-fire chief executive Jez Moxey had taken a 50 pay cent pay cut when the club were relegated, earning around £1.1m last year, while laying bare the club’s finances.
Mr Morgan said that £73m had been spent on players in his five-and-a-half years since he bought the club, and worryingly announced predicted losses of £6.5m for the current financial year.
And he said that the club had received £37m in sales of players in his time at the helm, giving a net outlay of £36m and putting the club in the top 10 of spending clubs since August 2007.
“If there are people out there who seriously want to invest in the football club, I will talk to them,” Mr Morgan told fans. “Serious people only.”
Despite the club’s current battles Mr Morgan insisted he had no regrets about his time in charge of Wolves.
“Let’s put the last 18 months into perspective,” he told fans.
“It’s been terrible and we are all very unhappy about where we are.
“But go back before then and we missed out on the play-offs by one goal in my first season.
“Then we won the league. We stayed in the Premier League for three seasons doing the double over Spurs and beating Chelsea, Manchester City and Manchester United.
“The last 18 months has been crap. But do I regret coming here? No.
“Is the job too much for me? No. I am at a loss at the moment but only in the same way as everyone else in the room.”
Mr Morgan bought Wolves for £10 from Sir Jack Hayward in August 2007 in return for a £30m investment in the club.
In his time, the club won the Championship title in 2008-09 and spent three years in the Premier League before relegation last May.
Annual turnover is set to plummet from around £60m to £30m because of reduced TV revenues and sponsorship from the top flight.
The meeting comes ahead of a planned protest by Wolves fans before tomorrow’s home game with Watford, which will be recorded for Sky.
And it has now been announced that given their dire situation, Wolves have decided to axe their glitzy end-of-season awards dinner.
It was decided a celebration of the season at Telford International Centre on April 24 would have been the ‘wrong move’ given the team has ‘massively underachieved’ this season.
Corporate sales manager Steve Thomas said: “It is disappointing but ultimately the right decision.”
Mr Morgan has been criticised for his decisions over the past year, which has seen four managers in charge and leaving the club currently languishing third bottom of the Championship.
But fans at last night’s meeting rallied to his cause following his frank and emotional performance.
Steve Phillips, aged 42, a financial controller from Codsall, said: “He said if other people want to invest in the club they can, but I think as the owner and chairman, he’s committed.
“He’s 100 per cent behind Jez Moxey, which might upset some fans but he said he’s the best chief executive in the League.
“Questions were asked about where Morgan gets his advice from and he said he speaks to contacts in the game all the time.
“Overall he answered all of the questions apart from the one about whether Dean Saunders should get sacked if we get relegated.”
Kieran Newey, 26, unemployed from Penn, said: “I think he’s still the man for Wolves.
“In a way it came across as pulling at the heartstrings a little bit, but him standing down is not what any of us want to hear.
“You can see by the way he was acting that he is committed to the club and he does want us to move forward in the right way.
“He’s extremely frustrated with what’s going on at the club – he can see that we’ve got good players, but it’s just not happening for them on the pitch at the moment.
“It was frustrating to see him like that when he perhaps hasn’t said those things in the past, but no one can knock him for what he did last night.
“He said the right things and you can see he’s committed – it’s just really about the players turning it around for us now.”
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