Jez Moxey on Wolves' smart money

Chief executive Jez Moxey has insisted Wolves' transfer policy will continue after revealing they won't go "anywhere near" Chelsea's £5million demands for Michael Mancienne.

The club's refusal to cave in over Mancienne – Wolves offered £3million before he arrived on a season-long loan – was the latest evidence that the more carefree spending of the mid-1990s has been binned despite the huge increase in income as a Premier League club.

Wolves spent £18million on seven players this summer but have lost out on Kyle Lafferty, Aaron McLean, Danny Higginbotham, Oguchi Onyewu, Scott Dann and Roger Johnson to name but a few since Steve Morgan's takeover three years ago because of fees or wages.

The club have also so far failed to reach agreement with midfielder David Jones over a new contract.

But they have risen from seventh in the Championship in Morgan's first season to 15th in the Premier League last term and Moxey believes their hardline stance is right.

He said: "We want to continue being a smart football club – that's not to say we won't pay big money on the right player, as has been proved.

"We made a very good offer for Michael, but Chelsea were quite forthright with what they wanted and we weren't prepared to go anywhere near that.

"It further reinforces the view that we won't pay more than we think is appropriate for any player.

"It's wrong and we think fees and wages are inflated for artificial reasons.

"The top four Premier League clubs are paying so much over the odds for everyone that it has a ripple effect where everyone else wants more money.

"Very rarely is there only ever one player who you must get at all costs.

"Birmingham failed to sign Charles N'Zogbia because the player moved the goalposts – that's exactly what happened to us and Dann.

"But that doesn't mean we're unhappy with where we are because we are progressing."

Jones was promised a new deal in March but Moxey has warned the club won't be held to ransom.

He said: "We won't pay more than appropriate.

"We and he remain open-minded and the fact he's not signed a new contract isn't affecting our thoughts on him."