Steve Morgan today said Wolves have spent a record outlay on transfers this summer as he declared: “We mean business”.

The owner-chairman, at Molineux for his Foundation’s Entrepreneur Awards, outlined his vision to move Wolves forward again in the coming years on and off the pitch.

Wolves have signed five players since May  – Adlene Guedioura, £7m record signing Steven Fletcher, Jelle van Damme, Steven Mouyokolo and Stephen Hunt – to reflect the club’s “quality over quantity” mission statement.

“We mean business,” said the multi-millionaire. “We have spent a record amount of money on transfers this summer – more than last year.

“We’ve built a brand new pitch, we’ve announced a brand new stadium, but it’s a journey, step-by-step.

“We wanted to get our business done as soon as possible.

“Last year one or two didn’t work out, but this time I’m hoping our strike rate is 100 per cent.

“On the plus side, the players we’ve bought in are experienced and can only add to the squad, which can only strengthen us as a club and a team.”

And Morgan re-iterated there are no plans to sell Kevin Doyle, quashing rumours Fletcher was bought as a replacement.

“He is not for sale – I can’t be more clear,” he said. “We can’t manage with one striker.

“It’s rubbish to think that because we bought Steven Fletcher that we’d sell Kevin – we’re not remotely considering letting Kevin go.”

Morgan stressed the onus was now on selling players after the £1.2m sale of Andrew Surman to Norwich, adding: “There are three or four more in that category.”

The chairman also said his year-on-year improvement is part of a long term vision to get the club back among the country’s elite.

“This club is on a journey – and we want next season to be another step in the right direction,” he said.

“In 10 years’ time I would like to think Wolves would be a totally unrecognisable club from where it was in 2007, not forgetting the tremendous job Sir Jack did,” he declared.

Morgan also said Wolves would welcome back Michael Mancienne, but explained that Chelsea had to decide whether they want to keep the player first.