Wolves finances revealed: Revenue down despite promotion as parachute payments drop

Wolves made pre-tax profits of more than £2.4 million last year – but a drop in Premier League parachute payments dented turnover, according to the club’s official accounts.

Wolves Chief Executive Jez Moxey and owner Steve Morgan, who stepped down as a director in October

The headline profit is offset by a loss of more than £1.6m to the club’s property account caused largely by a depreciation of the Molineux stadium. It means that over 2014/15 profits were reduced to around £700,000, as revealed to the Fans’ Parliament last month.

The club’s annual report and statements for the financial year ending May 31 shows turnover for 2014/15 dropped from £32.6 million to £26.4m, despite the promotion from League One the previous season.

This is due partly to an £8.9m drop in parachute payments from the Premier League after relegation in 2012.

This season will see the last of the payments – believed to be around £8m – leaving the club with a substantial financial challenge over the coming 12 months.

In addition, while any profit is welcomed in the turbulent world of football finances, the figures do not make especially encouraging reading for any potential buyers.

A loss in the value of Molineux has contributed to a £1.6 million decrease in Wolves' property account
A loss in the value of Molineux has contributed to a £1.6 million decrease in Wolves' property account

Owner Steve Morgan stepped down as a director in October last year and has put the club up for sale.

One director, thought to be chief executive Jez Moxey, was paid £430,000 with a further £75,000 pumped into his pension fund. The total of £505,000 was up £16,000 from the previous year.

Wolves’ accounts are published in two parts to reflect the activities of the football club and its properties portfolio.

Overall profits fell from £8.4m to £2.423m, a decrease that can partly be explained by a near-£9m fall in parachute payments after dropping out of the top flight in 2011/12.

A small chunk of this is offset by an increase of £1m in Football League funding as well as increased income from ticketing and commercial ventures.

The report says gate receipts  were £5.6m for 2014/15, up more than £350,000 on the previous season.

And sponsorship and advertising turnover increased by £836,000 to £3.1m.

Soccer - Sky Bet Championship - Charlton Athletic v Wolverhampton Wanderers
Benik Afobe, who now plays for Bournemouth, was Wolves' most expensive purchase of the year

The report includes an annual review, which states that player trading generated a net profit of £123,000, while a £2.5m profit in player sales was ‘almost entirely offset’ by paying off players’ contracts.

The club spent £3.5m on players over the year, with the now departed Benik Afobe commanding the biggest fee of around £1.8m.

Other players coming into the club included George Saville, Rajiv van La Parra, Tommy Rowe and Tomas Kuszczak, while among those to depart were Tongo Doumbia, Stephen Ward, David Davis and Anthony Forde.

Wolves spokesman Matt Grayson said Wolves were committed to ‘openness and transparency’ and added: “The club’s profit for 2014/15 was £700,000, as previously reported and discussed at the Fans’ Parliament.”

Steve Morgan
Steve Morgan has committed to supporting the club 'until the point of sale'

According to the report the club employed 248 people over the period, including 66 on the playing staff. Total wages were £15.6m, rising to £17.7m when social security and pension costs are included.

Overall wages went up by £1.3m over the year. The club has made a £2.7m provision for ‘onerous contracts that are ongoing’. These are thought to involve players who have left the club, but are still being paid.

The report says: “The aim for the club remains to gain promotion back to the Premier League as soon as possible.

“The team, which continues to include a number of academy graduates in a young squad, has had an inconsistent start to the 2015/16 season but retains the potential, at least, to be play-off contenders by the end of the season.”

Home league attendances for the season increased by 1,563 from 20,860 to 22,423, while season ticket sales rose from 11,817 in 2013-2014 to 13,998.

The year the figures relate to also saw the completion and opening of the club’s high-tech training facility in Compton, complete with full size 3G pitch, dressing rooms, medical facilities and gym.

The statement says this ‘confirms the club’s commitment to the recruitment and development of talented youngsters’.

The report by auditors Deloitte relates to the third of four years that Wolves were entitled to parachute payments following the club’s relegation from the Premier League.

Some of the figures in the report were first presented to the Wolves Fans Parliament last month at a meeting attended by Mr Moxey, chief financial officer Rita Purewal and club secretary Richard Skirrow.

The report notes Mr Morgan’s intention to sell Wolves but reiterates that ‘he has given a commitment to continue to support the club until the point of sale’.

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Comments for: "Wolves finances revealed: Revenue down despite promotion as parachute payments drop"

Mrs Ivy Trellis

"You Killed the Geese Chrissy!' - How Morgan can be revealed as a 'Boy from the Blackstuff!' - Not only did he 'Kill the Geese,' he 'Killed the one that laid Golden Eggs!' - Smart move la!

old golds worth more

I didn't know we had more than one goose!

The Flying Winger

It will be interesting to see the accounts for the 2015/2016 season which will perhaps reflect a different picture especially with attendances and ticket sales.

Depreciation on the stadium.

£505000 nice if you can get it.

The aim of the club is fine but there has to be a plan how to get there, deeds not words.

The people running the club will no doubt continue until a new owner is found, hopefully soon as when the next accounts are published they may tell a different story.

old golds worth more

It would be interesting to see a league table of clubs CEO's, with the highest paid at the top, and I'm betting Moxey is pretty near if not at the top! £75k into his pension fund, my god, how many years would it take your average fan to earn that much after tax? If he's on £430k a year, he should be paying into his own pension fund, everyone says how players agents are greedy, and taking money out of the game, so how is this any different?

old golds worth more

Houses always increase in value over time, so why does a stadium decrease in value? If it is well maintained then it should at least hold its value. If you wanted to build a new stadium it would cost a lot more, so stadiums should, if for no other reason then that, hold their value.

The Flying Winger

Its general accountancy practice in football clubs not sure why other than putting it against tax, then of course you have the build cost etc.

Stoke Wolves

How come still no interested parties in buying the club? This is becoming beyond a joke! As each season progresses as things currently stand we will fail to compete with an ever growing number of fellow Championship sides let alone achieve promotion to the PL.

I suppose the E&S don't report on speculation regarding potential buyers simply because there's nothing to report which is deeply worrying. There's something fundamentally wrong with our club which I don't think is being fully revealed.

paul

66 playing staff is way way to many, i know it includes youth players but with the club in free fall and no parachute money left next years accounts will be hard reading, the club needs to trim down the playing staff to about 30, Moxey needs to go, 500k is way over the top for a football CEO. Unless a very rich new owner is found the future is very dark.

old golds worth more

£700,000 profit, is that before or after Moxey's bonus?

mebabiz

I for one haven't and still won't put any of my hard earned cash into the club while Moxey gets his obscene salary and Morgan are at the helm. Chancers both of them.

old golds worth more

And didn't Moxey declare he wasn't worried by falling attendances? After these figures have come out, he darn well should be, or he is not doing his very very well paid job.

mebabiz

So who's first in the queue to be sold after the season has finished??? Going to be a disaster next year

Mrs Ivy Trellis

Morgan probably thinks that Derek Dougan is still playing for them!

jensen wolf

ikeme, last of the high wages, leaves mccarry in goal but his contracts up so he will probably go for free, which means the youngsters Flatt, and Burgoyne in goal, to start,

Silver Wolf

The future is a mixture of grim footballing reality and reasonable certainty of remaining a going concern.

Whatever the future holds one can only hope lessons have been learned regarding the appalling mistakes of recent years. Players contracts have been, and some still are an open wound, with significant costs continuing for ex-players and buy-outs. How on earth we were so naive at the top is impossible to understand.

It seems we are now to be a feeder club, surviving by realising the potential of youngsters for onward sale. Quite how the ground depreciated by so much is not explained - I wonder if it's valuation in the past has been overstated, or is 'The Folly' not simply an eyesore?

Our only salvation appears to be in finding an owner with the want, the will and the enterprise to kick-start a recovery. There are teams in the Premier League with similar fan bases to ours and less history, let's hope that someone somewhere can see the potential and the means to make the club what it should be - a successful footballing entity enjoying a fair share of the sunshine that others, better run than we have been, bask in regularly.

Stoke Wolves

I have always hoped that there would be a rich sugar daddy to understand and appreciate our illustrious history. Do such people exist?

Silver Wolf

I guess such people are thin on the ground, but we can hope.

WolfPad

£505k for what is a Finance Directors position - that seems mega expensive to me. It would be good to understand the comparison with other Championship clubs and equivalent positions and indeed the Premier league. Perhaps E&S could take a straw poll?

Captain Mardon International

You definitely didn't do an Albion did you.....

wolfo

No we didnt have to knock seats down and turn our ground into only a 25,000 seater stadium because we couldnt fill it against the elite sides. So no didnt do an albion. We also dont throw coins at our own players?

baggiebuoy

You just attack there wives and children.

Captain Mardon International

I understand you are bitter, and quite rightly so. A big club like WO1VE5 being over shadowed by a small club like West Bromwich Albion. Didn't wo1ves fans samsh the dugout a few years ago? didn't they also heckle a players wife and baby child? I also remember Wo1ve5 fans throwing coins and bricks at us as we exited the mol.

Everywolfhastheirday.

Ime sorry I forgot your supporters and players are squeaky clean. Also you lot have short memories.

We Only Need One Half!

Wolfo, why would anyone want seats they cant fill???

17.5k again last night wasnt it? in a 32k ground? do you like sitting in a half empty ground? do you like T.V. showing all those empty seats? this is what happens when you get too big for your boots, its left you looking very foolish with a white elephant you cant possibly fill.

What you wouldnt give right now for a few 25k gates, eh?

Everywolfhastheirday.

He who laughs last comes to mind. We have had over 28000 a couple of times this year. What's your biggest gate this year be honest please and don't exaggerate.

Tellitasitis

Wonoh. Good to hear from you mate. Jack gave me a little update at the weekend on your boys, and what I wouldn't give right now to be able to match you.

Results and performances now improving. Cracker at the weekend.

I would be happy over here if we could get performances improving first, and then results later.

If our boys could play football, we would fill the white elephant...and the castle.

As it is, the accounts will show that we are a well run club financially, but if it isn't money spent wisely, it will never equate to success where it matters - on the pitch.

Our masters have failed us dismally there.

As for the attendance figures, there were never 17.5K bodies in the ground last night. Many ticket holders must have stayed at home and I can't blame them.

Our young guns are up for it though. Our salvation starts next season when our glorious U21's who can't win a game, but who can heroically hold your U21's to a rousing scoreless draw with only 10 men and a midfielder for a goalie, swell our ranks, with players who are closer to being able to instantly kill a ball, instead of the crowd, like the present lot.

That top 6 Premier League bet is still on until it's won. You're not there yet.

I might have to transfer home to the East Midlands though if I'm going to live long enough to see it happen. Anymore games like last night's first half again and I'll be found mumified in my seat in the Steve Bull, like that German seafaring adventurer, but in my case having died of boredom, and no one around me having noticed.

As Jack would say.

Gorra Loff ay ya.

Regards mate, and to Bully and Rock and the rest of the boys. I'll get back to you one day.

brummierob

I hardly think Albion can be sitting there all smug? West Midlands football is in a dire situation. The 4 main clubs are all up for sale with no buyers and Albion's football has been on a par with that of Villa and Wolves in terms of quality and was summed up with a main stalwart being coined by one of your supporters!

baggiebuoy

Just feel a sense of superiority mate. Another £149 million in the bag. Mid- table premier league mediocrity the norm, feeling smug! your'e damn right I do.

A question to all Wolves fans, 'would you take Pulis as your manager to achieve all that'?

Sir Billy Quiet

£149M in - £149M out to players and agents - result?

baggiebuoy

Imagine what it will buy though. I noticed you didn't answer the question.

Everywolfhastheirday.

One things for certain it won't buy you anything that's the only time I would feel smug if it was in my bank.

Everywolfhastheirday.

A Stoke supporter said in five seasons he never got them in the top 10 now it looks like Hughes is going to do it for the third time.

old golds worth more

baggieboy, I

old golds worth more

Damn E & S hung on me again just as I started to comment, as I was saying, baggieboy I have no problem with your lot being in the Premiership, in fact good luck to you on that score. But Pulis as our manager would not get us into the Premiership, his style is to keep teams in the division they are in and not get relegated. He could probably halt the slide, but if you want promotion then he would not be your man. Stoke did not renew his contract because they wanted a better style of play, and considering how they are playing now under Mark Hughes they have achieved that aim. So Pulis will keep you in the Premiership and nothing more I'm afraid.

baggiebuoy

old gold

If you check the record books, you will find that Pulis, was manager of Stoke when promoted to the Premier. He was also responsible for consolidating their position in the Premier, just like what he is doing for us.

I will settle for that any time.

baggiebuoy

As an afterthought, we did the double over Stoke this season.

Stafford_DeWolf

"One director, thought to be chief executive Jez Moxey, was paid £430,000 with a further £75,000 pumped into his pension fund. The total of £505,000 was up £16,000 from the previous year."

Looks like Jez gets promoted every year without running a yard. Nice work if you can get it.

Sir Billy Quiet

''One director, thought to be chief executive Jez Moxey, was paid £430,000 with a further £75,000 pumped into his pension fund. The total of £505,000 was up £16,000 from the previous year.''

Its sickening to think that this man is taking £0.5M out of this club every year (and more in some years) he has made himself a multi millionaire out of being an 'administrator' at our Football club.

Is there anyone prepared to justify that £505,000.00 is a fair wage?

Its more than the Prime Minister gets!

Its more than the CEO of New Cross Hospital gets!

This has got to end.

Mrs Ivy Trellis

Morgan started as a 'Scouse' Tarmac Contractor, so reach your own Conclusions! - A 'Boy from the Blackstuff!'

Stafford_DeWolf

I bet there's a fair few "perks" to add on too.

chris h

A £16,000 salary increase for Jez Moxey when a fair few Wolves' fans have to work an entire year just to earn that amount never mind a salary increase in times of next to zero inflation. A £75,000 contribution to his pension pot in just one year, when a fair few Wolves' fans finish with a lesser total pension pot after 40 years slog at work.

Players sold for circa £12.5m and less than half that amount spent on buying new players. Yet more millions allocated to the depreciation of the stadium's assets ( about 50 % of base operating profits in the heady Premier days went the same way). An absent owner who lost his heart to Wolverhampton: football is a mugs game isn't it. And guess who are the mugs?

Just one point Jezza did you notice James Vardy now has a buy out clause for £30m ,you know that player you in all probability thought was not worth one million when he was at Fleetwood. Do you ever think about these things when you are counting your money?

Wolves gate was just above 17.000 last night, a sign of things to come, yet it was still the second highest in the Championship last night. Other clubs can find the money to fund the signing of better players, but certainly this season we cannot ? Is this to make one last big profit and one last fat bonus before riding into the sunset?

Mrs Ivy Trellis

Where is 'Rachael Heyhoe-Flint' in all of this?

Lakeside

As irrelevant now as she is at any other time of the year mate.

Given that Morgan effectively owns the club outright the views of the board are of no regard. They are grace-and-favour roles handed out to the town's local "worthies" for PR purposes and nothing more.

Stoke Wolves

Or indeed Robert Plant???

Everywolfhastheirday.

Robert Plant normally stands in the South Bank. Passes me every week when I'm coming out of the Billy Wright.

Everywolfhastheirday.

In the directors box.

chris h

'I read the news today, oh boy', someone said she was in the House of Lords.

Ritchie

Old Chap, like him or loath him, his number 1 goal is to balance the books and boy does he do that very well.

Regarding Vardy and does he care, he is an out and out accountant and those guy's are only interested in one thing, very little risk and show a profit and in football there aint many like Wolves.

And for those that bang on about gates, almost every club even prem clubs have empty seats.

chris h

Ritchie, Far too much of a simplification and as a senior project manager you should be well aware of that He is the chief executive not the accountant, he has other responsibilities other than balancing the books. we are a football club and he is chief executive of a football club that pretends it has aspirations for reaching the Premier league. As you agreed with me the other day, he has been the controlling mind over transfer policy for the last 15 plus years. Vardy is just the tip of the iceberg. Does his failure in this regard weigh heavily on him or give him sleepless nights, I doubt it, as you should well know he has an excuse for every day of the week. Perhaps he goes to sleep counting his money and doesn't bother thinking of the Early Birders who are the sheep.

Ritchie

Yes I agree Old Chap, He has many roles of responsibility, his main one is balancing the books in which he excels. And of course your also right and like myself we think he should be kept well away from the football side particularly transfers. Does he care about the missed opportunities, of course not. He's an accountant by nature and Wolves being in the black once again means he has achieved his main objective.

Resulting in 100% bonus.

How many clubs can boast that season after season, I bet Bolton fans wished they could live to fight another day.

What we have to hope for is a new owner that wants to pump a couple hundred million into the club to establish Premiership status and complete the ground and also prey we too can become the next Leicester City? And quick because we're old buggers??!!!!!

Bedford Wolf

So we still made a profit despite those at the helm? Just imagine how profitable we could be if we didn't have a weak, timid and pathetic money grabbing owner like Morgan or an offensive, lying, money grabbing CEO like Moxey whose 'financial management' skills are so archaic as to be Dickensian?

p.s. FIVE HUNDRED AND FIVE THOUSAND POUNDS FOR BEING AN INCOMPETENT? YOU COULDN'T MAKE IT UP.

Ritchie

Bedford, As much as I dislike Moxey and Morgan we're not in the same position as Bolton.

Andy Dufresne

Moxey is probably one of the lower earners in the football club CEO ranks, and almost certainly earns less than our lowest paid first team player. Why people continually single him out is astonishing.

He doesn't own the club. It's not his money.

It's like blaming the licensee when the brewery does a pub refurb you don't like.

chris h

No it is like blaming the licensee when the beer is not properly looked after is over priced and flat. He does not own the club but he plays a pivotal role in all decisions made affecting the operation of the club especially transfer policy.You don't really think Morgan would pay him £500,000 a year if he had no key responsibilities do you?

Andy Dufresne

No I don't, and I also don't think Morgan would continue to pay him if he wasn't doing what he was told.

Sir Billy Quiet

Andy - where do you get your evidence to suggest ''Moxey is probably one of the lower earners in the football club CEO ranks, and almost certainly earns less than our lowest paid first team player. Why people continually single him out is astonishing.''

Are you suggesting that there are Wolves players on £9,600.00 per week?

Are you suggesting that there is a CEO in the Championship earning more than £500K a year?

Well here is some news for you - you are 100% wrong.

By the way Morgan keeps employing him because he is doing as he is told - making a profit for the owner whilst managing the decline of the football club.

The facts speak for themselves - Morgan and Moxey have hatched a plan to make themselves money and the expense of the football team and they will both f@ck off into the sunset when the gravy train dries up.

Wake up - our club is being destroyed by these two and they are getting away with it.

Andy Dufresne

SBQ - you have made my point for me. Morgan keeps employing him for doing what he's told. Why does that reflect badly on Moxey? Is he meant to resign? And if he did would Morgan replace him with some maverick who would shake things up from within? Grow up.

In terms of pay rates - fair point but when did facts or evidence ever play a role on these discussion pages?

Sir Billy Quiet

And you have made my point for me - Moxey is a parasite doing Morgans dirty work.

Andy Dufresne

A parasite survives off its host's work.

Ritchie

Andy, I agree 100%, he's paid very well for doing a grand job for his employer and that encompasses Morgan and Sir Jack before him.

And I'm sick of saying it on here, that he does not work to his own instruction but that of the owner of the club, full bloody stop.

Do I like him? He makes my skin crawl and he should be kept away from football decisions. But the owner (which ever one that has been) sits back and allows supporters to aim their bile at Moxey and the lad takes it full on the chin and he has quite often stated that he doesn't mind being the villain. And there is only one reason he allows that, because he gets paid well.

Keep the Gold Flag Flying High

Andy..I will give you FACTS FROM AUDITED ACCOUNTS...in The Premier league, moxey was paid £1,200,000 while the Chief Executives at wba and villa paid £400,000...(figures rounded up)...Upon Wolves Relegation moxey reduced by 50 % but still PAID MORE FOR FAILURE than Fellow Chief Executives at wba and villa..Also, I checked the Salary of the Chief Executive at Marks and Spencer's ....£980,000.....So the ridiculous situation arose were the Wolves pay more than M+S?.....Its UNBELIEVABLE how the Person mainly Responsible for the REGRESSION OF OUR GREAT CLUB Is Being PROTECTED BY "Yes"men from Express n Star and Others!!!!!!!UTW

Andy Dufresne

Ritchie - that's the point exactly. Steve Morgan has amassed the fortune he has by making good decisions. Why would he pay over the odds for a CEO who was under performing? He wouldn't. Simple as that.

So who interprets performance? The man at the top or people on E&S forums?

Ritchie

Andy, Who measures performance in regard to Moxey? The owner obviously but I could and any other level headed person that's not blinded by this lets blame it all on Moxey rubbish. He does a very good job at balancing the books particularly when you look at other failed X prem clubs (Leeds, Bradford, Portsmouth, Bolton). We are in the black and can live to fight another day because we're not debt ridden.

We can thank him for that.................................

Stafford_DeWolf

VLP was quoted at £5,000 a week recently by the E&S after his unfortunate tweet, which is half of what Jez earns. I'd be surprised if Jez wasn't doing a Sir Alex and insisting he's paid more than the highest paid player/employee. Presumably there's opportunity for a CEO to receive a lot more perks than players too.

Bedford Wolf

Andy - Moxey is currently the highest paid CEO outside the Premier League. He is also paid MORE than 9 of the current Premier League CEO's. So currently he is the 12th highest paid CEO in English football - overseeing a club currently sitting 33rd in English football. Less than our lowest paid first teamer? I very much doubt that although to be fair neither of us know or probably ever will know.

I don't single him out as to me Morgan is the real villain of the piece as, as you rightly say, Moxey is an employee who carries out his employer's orders. However I do regard him as being culpable for his financial (and general) management style which is based on principles Shylock would have approved of.

Cutting costs beyond the acceptable and routinely selling your valuable assets in order to balance the books each year is not good financial management but rather the most archaic and short-sighted way of managing your money imaginable. It requires no flair, no vision, no vision, no forethought. Added to that is the fact that Moxey does not communicate effectively and comes across as an arrogant, condescending and ignorant man with no understanding of or interest in football in general or this Club and its fans in particular.

Andy Dufresne

I don't really understand why there's this pantomime villain mentality aimed at Steve Morgan. In his 10 years we've been in the premier league for 3 years. In Sir Jack's 25 odd years we spent one year in the premier league.

We have training and academy facilities that will stand us in good stead in the future. I agree that the extension of the North Bank was probably unnecessary but it may have made sense to do it then, if ever. Bear in mind the world was coming out of recession and the cost may have been a fraction of what it would be now perhaps. Who knows?

My view is that struggling for points in the premier league is nothing to aspire to and the reality is that we will never be able to compete with the big clubs so what's the point?

Best season of the last 20+ years was winning League one 2 years back. No question.

Stafford_DeWolf

"My view is that struggling for points in the premier league is nothing to aspire to and the reality is that we will never be able to compete with the big clubs so what's the point?"

Two words - Leicester City.

Andy Dufresne

Fair enough Stafford but surely that is a one-off anomaly not a realistic target. Normal service will resume next season. And at the time, Ranieri's appointment hardly made any friends between the owners and the supporters I seem to remember.

Or is that relationship different to Wolves fans and the club owners?

Bedford Wolf

Andy - Morgan is and always will be the villain due to his lack of investment throughout his tenure. Building works are not an acceptable form of investment by the way as I am talking about investment in the thing that ultimately matters - the playing staff. Not only that but he alienated himself time and again by his attempts to get involved in footballing matters - storming into the dressing room after the Liverpool home defeat springs to mind - and by his atrocious communication skills. Even at the point when he decided to give up and sell he didn't even have the common sense or integrity to make the announcement himself preferring instead to scuttle off like some spoilt child and let others do his talking for him.

As for contrasting three seasons in the PL under him compared to 1 under Sir Jack well where to start? Sir Jack inherited a financial mess and built the club up almost single-handedly investing a small fortune of his own money but by the time we achieved PL status his health and his available wealth were almost exhausted hence only a brief stay on 2003/04. Morgan on the other hand took over a club geared up and ready for promotion to the PL and we achieved that thanks in no small measure to having an excellent manager in Mick McCarthy. Unfortunately we only stayed there for 3 seasons due to a lack of investment on Morgan's part. You cannot compete with the megastores and supermarkets when you still retain a local corner shop mentality like Morgan has. To be honest to even mention Sir Jack and Morgan in the same breath is an insult to the great Sir Jack.

As for your 'what's the point' comment well that is more or less what dear Mr Moxey was alluding to in the most recent Fans Parliament.

The point is this - if you do not have ambition, if you do not aspire to improve and better yourself, if you have no vision of how things could be, if you have no hope of ever achieving anything then indeed give up - just like Morgan and Moxey have done. For after all what is indeed the point? You might as well just throw in the towel, shut down the football club and get on with your life.

Fortunately that is not the majority view amongst the people who matter - the fans.

Andy Dufresne

I'm not sure I agree that the club Morgan inherited was Premier League ready. We were a better than average Championship team agreed but lets not re-write history.

Sir Jack's investment is there for all to see but the first thing he did was to rebuild the stadium, not invest in players so I fail to see the difference there. He employed his children to run the club (which was disastrous) and described himself as a golden tit for allowing the situation that had arisen.

And are you saying that Abramovich, Man City's arab owners etc communicate with their fans and run their clubs by mutual agreement?

Shewolf1943

So Sir Jack rebuilt the stadium. I wonder why. It's not like it was in disrepair then. Wake up Morgan only bought our club for what he could get out of it. Sir Jack bought with love.

Andy Dufresne

Ok. What did/does Steve Morgan expect to get out of it? If he wanted to buy to sell surely he'd have sold when we had survived 2 premier league seasons?

So if not that then what?

Stafford_DeWolf

Moxey and Morgan don't appear to display the ruthlessness demanded of such a competitive industry like football.

Rather, they just bump along banking money or laying bricks till the club is a relegation certainty before they sack the football management. And only then if there's a whiff that they might have to endure the wrath of media and fans if no action is taken.

How Kenny Jackett and co have got away with this season's performances and the plethora of recruitment mistakes is beyond me. Ok there have been injuries but the rest of the squad should be good enough to step up to the challenge. If not why have they been signed?

The more ruthless clubs get results. The Sir Alex Fergusons and Arsene Wengers are exceptional in maintaining a high level of performance from their teams. Even Walsall seem to have more demanding standards these days and don't hang around if the coach is a misfit.

Andy Dufresne

So we're comparing Wolves with United and Arsenal? When did they become comparable bedmates?

Stafford_DeWolf

Ask a silly question.

When did they cease to become "comparable bedmates"?

Andy Dufresne

Seriously? When the gap between the clubs became what it is today, so about 30 years ago or more....

Stafford_DeWolf

Dave Jones Wolves side beat Manchester United in the Premiership. I remember Kenny Miller scoring the goal. Hardly "30 years ago or more".

Why belittle Wolves?

Keep the Gold Flag Flying High

Bedford ...Excellent Posts....says it ALL..WELL DONE....

BeeCee

Keep the Gold Flag----

Agreed a superb posts...!

DancesWithWolves

We have a wage cap for players. It's held us back to a great extent, as we all know. Kenny Jackett has often referred to it when discussing potential signings. I'm sure most if not all of the non-playing staff have wage caps too.

Can anyone tell me why we shouldn't have a wage cap for the CEO position? If we set a wage cap of, say, half the amount our current CEO enjoys, and then advertise the position, we would get inundated with applications. Moxey has gone as far as he can possibly go. He has nothing more to contribute. He has been in office longer than Sepp Blatter. It's time to extend the 'young & hungry' criteria to the CEO position too. That could kick-start the rejuvenation of the club from top to bottom. A potential new owner would be impressed with a young and hungry CEO.

Mrs Ivy Trellis

Call me 'Mrs Picky' - But what precisely is a 'Parachute Drop Payment?' - Accounting Newspeak?

DancesWithWolves

Missus Trellis.

A parachute payment gets paid for four consecutive years after relegation from the PL. The rules are changing due to increasing TV revenues and the payment will be even more lucrative for relegated teams this season.

Were Wolves of London

This is an article (from last August) about the finances of each Championship club. T's an interesting read when you consider what each club spends on wages, how much debt it's in and what it's achieving as a result. Wolves are the only club in the division in profit.

http://www.insidermedia.com/insider/national/146216-championship-club-club

wolfo

Going to get stung next season morgan when 2015-16 bills comes through and the season after that.

No one will buy the club and morgan will get stuck with any bills.

Should have invested more last season and this, the club has lost out 200+million in sky tv money, plus possible parachute payments.

Its complete business suicide, strip club of all assets and try sell low?

chairman and ceo have failed us.

Putza Shiftin

So Moxey made almost as much money as the club did after tax! Surely that cannot be allowed to continue, especially when the parachute payments end. We'have had to release many top wage earners, so it must be time for the axe to fall on non playing staff too, expecially since he has presided over such a shambolic fall from what should have been the start of a long stay in the top flight.

tigger

depreciation of the Molineux stadium. well the Steve Bull is really shabby even a lick of paint would not go a miss , better stadiums in lower league sides

thedoog

This must be the only country where you can reward failure.

CAROLINA WOLF

Take a good look at Wall St. Banks etc. Fantastic wages for total failure.

And no punishment either. They don't get indicted or jailed. They just wait awhile and do it all over again.

thedoog

CW.

Seems Wall Street has similarities with Wolverhampton Wanderers.

PJW Holland

I know nothing about football. However it seems to me that a "club" with the resources at its disposal, that Wolves does, the history and the level of support should not be languishing in a lower division.

If it is then there have to be good reasons. The reasons I can think of would be:

1. Match fixing due to the closeness of its players and staff to the gambling industry.

2. Appalling management. Mr. Moxey was recruited after taking Stoke virtually to the knackers' yard.

3. Prejudice and discrimination against the club.

4. Disloyal players here just for the ride (that was certainly the case during Jack Heywood's rein).

5. Lack of proper training.

6. Lack of dedication by players. Are they fit? If not is this due to drink, late nights or what?

Now I do not suggest any of the above apply.. I cannot, however, think of any other reason why Wolves should not be one of those contending for the leadership of the Premier League.

Andy Dufresne

Best post for ages. Thank you, sir.

Paul's Blade

Will you all wake up and smell the coffee ???

Moxey insists on the club being 'self-sufficient' which can be loosely interpreted as 'not making a loss'. Why the emphasis on that aspect ? So that he can continue to pay himself half a million quid a year.

The club is being run by Moxey for the benefit of Moxey. It doesn't matter to him whether we finish bottom, mid-table or top so long as we generate enough income to pay him his wages. We continue to be taken for mugs and he continues to roll in cash.

Andy Dufresne

I think top clubs running at a loss still manage to pay the players and staff.

Paul's Blade

If Wolves were operating at a loss (i.e. Morgan was losing money) do you think that Moxey would be allowed to pick up half a million quid in wages...?

Andy Dufresne

Have you seen the loss Villa posted today? I suspect everyone will still get paid on the 31st...

Shewolf1943

Is it just me or do the two pictures at the top are ones you would see on MOST WANTED police pics?

Stafford_DeWolf

I thought they were the two bodies found in the car in Cat and Kittens Lane in Bushbury for a minute.

BeeCee

Like it She. Like it...!

paultf1

There's only one thing that can be worse and that if Moxey gets a consortium together that would really would put the nail in the coffin.

rwbridge

It makes me sick to my stomach that Moxey is being rewarded so handsomely while the club deteriorates. This has been the case for many years and nobody in authority seems to want to do anything about it. Surely the vast majority of fans who feel this way cannot be wrong. We want this smug overpaid git away from our club, far away. Maybe the E&S could conduct a poll as to who we think is responsible for the clubs demise.

101 chicken chow mein

rwbridge the T&%T should still be paying back the money he lost the club by not having relegation clauses in the players contracts never mind paying him so handsomely ,the bloke is a parasite on more money than the prime minister.get out of our club.

UTW

old golds worth more

They did conduct a poll recently, and guess what? Moxey wasn't even on the list of those who should be blamed!

chris h

The South Bank has been known to sing where has the money gone. Well between 2010 and 2012 £17848,000 out of football operating profits went to Wolves Property Ltd as depreciation and now it seems in the last financial year another £1.7m went out of football profits to Wolves Property Ltd, again as depreciation.My understanding is this is sound accounting but not an essential accounting requirement This is money that could have been used to strengthen the side in the run ito last season, moved us into the play offs perhaps propelled us to the financially lucrative Premier.

Where this circa £20m that has been posted as depreciation to the Wolves Property Ltd account is now, I have no idea, perhaps some accountant can explain this procedure to us.

We are a club now facing diminishing returns and revenues, facing life in the Championship rather than the Premier, we have sold players for circa £12.5m and spent less than half that on replacements, profits have been posted in total of £10 m for the last two financial years and vast sums have been transferred over the years to Wolves Property Ltd. I don't think we have been shafted in legal terms, but we certainly have been let down.

David

£430,000 pa for the chief executive of a second rate football club! A £75,000 addition to the pension fund of the chief executive of a second rate football club! This for someone who couldn't secure employment as a junior manager in the industrial sector. These rewards are obscene and are taking the pizz out of the long suffering supporters..

Wandering Wulf

I'm guessing the £505.000 quoted here doesn't include salaries, bonuses, expenses and dividends that Moxey may have pocketed from any of his other WWFC related interests/directorships ?

rwbridge

Sir Jack was responsible for saving out club and we can never take that away from him. He did make some mistakes however. Appointing John Richards as CEO was not a good move. Appointing Graham Taylor as his first manager was unfortunate. He had no idea what he was doing. Ditto his second manager Mark McGee. The greatest folly was lumbering the club with Jez Moxey. We have been stuck with him for 16 years and his philosophy of using the club as a cash cow above all else permeates throughout the staff, the players and the fans. The only people who seem to think that this style of management will work appear to be Sir Jack and Steve Morgan,

Andy Dufresne

And what would two multi millionaires know about running a business?

Paul's Blade

Disingenuous. Almost all of the clubs in the Championship are owned by businessmen in one form or another and almost all of them are heavily in debt. I would hazard a guess that Moxey had a remit from SJH never to allow the club to rot as it did under the Bhattis. We are now paying the price for that - lack of serious investment whilst a new owner is sought.

Andy Dufresne

But why is that Moxey's fault?

Paul's Blade

See the link 'Were Wolves Of London' posted above

http://www.insidermedia.com/insider/national/146216-championship-club-club

Suffolkwolf

For an organisation that has revenues of less than £30m and pays their CEO £500k, I'd say there is something dreadfully wrong. Most CEOs of companies that size will not get anywhere near that. Dreadful, especially when he's presided over two relegation so. What price failure. No wonder the on pitch performance is woeful.

cashyiswolves

Moxey gets £505k and a 16k pay rise !!! whether it's deserved or not and I believe it's not and Jackets objectives have not been met, all I can say is vote with your feet or shut up, the power of the people !!!!

wolfnut

Having seen how much Premiership clubs pay their 'Execs' this morning 7 of those clubs including Newcastle and Everton pay their 'unspecified Director' less than Wolves are paying Moxey. How can this be? We are a struggling mid table Championship club. Would Morgan pay any of his other Directors in Redrow anywhere near what Moxey is receiving with the level of return he is getting out of his 'investment'?

rwbridge

Its a mystery Wolfnut and we can only speculate as to why this should be. My gut feeling is that we will never progress as a football club while he is in charge and that there is no way he will go voluntarily. I also believe he has ambitions of running the club post Morgan. What a catastrophe that would be. What a mess.

wolfnut

Sadly I think you may be right. For Moxey to preside over a sale which would leave him out of a job would be like a turkey voting for Christmas

DancesWithWolves

Interesting comments above. It's clear to me that:

1. Moxey was being paid more than other CEOs in the PL. He still gets more than some even now.

2. What Is the job Morgan pays him to do? Achieve mid-table Championship mediocrity? Surely not.

3. We may be making a profit but it's solely due to the last of the parachute payments.

4. Morgan got two huge lucky breaks. First Sir Jack chose him to bestow the club for £10.

McCarthy then delivered the riches of promotion to the PL on a golden plate, for peanuts.

5. Morgan doesn't have the b***s to handle the PL if ever we get back there with him as owner.

6. Moxey knows the price of everything and the value of nothing.

chris h

Dances, I don't care how much money Moxey earns (don't agree with the principle, but it is of secondary importance as far as I am concerned), I don't care if he says things that turn out to be somewhat daft ( we won't do an Albion), I don't like it, but again it is secondary, if he is rude to the fans (as apparently at the last Fans Parliament), I don't care if he does or does not make money on the side selling pies, BUT I do care if he fails in his prime responsibility of ensuring our football club is smart in the vital function of buying and selling footballers. That is the area where he has let us down and let us down badly.

Despite my reservations of Morgan spending money on a not needed new stand, money has been made available to improve the playing squad and on many occasions the club has identified better footballers but failed to conclude the negotiations to sign them (ironically one of the problems has been wages, ironic given how much Moxey is paid) and instead we have signed lesser footballers at cheaper cost( Moxey value for money), many of whom turn out to be a waste of money. That is the area in my opinion where Jez Moxey has failed Wolves.No doubt Paul Butler understood this when he said 'Wolves will never be successful under Jez Moxey'.

Stafford_DeWolf

I wonder if Aston Villa still believe giving their CEO a £1 million pay rise was a good idea?

"New annual accounts for the relegation-threatened club show the most remunerated director during the 2014/15 financial year - most likely chief executive Tom Fox - received a salary package of £1.25 million.

This was in stark contrast to the previous financial year when the highest-paid director received £265,792."

£265,792 is half what Championship Wolves paid their CEO.