Molineux could be renamed

Molineux could be renamed to generate multi-million pound funds to fund the redevelopment of Wolves' ground.

Club chairman Steve Morgan insists 'Molineux' will remain in the title, but the board are considering sponsorship to help finance the development.

He said: "It's possible it could become the 'Something' Molineux Stadium. Emirates are paying Arsenal about £50million over 15 years and, if we get serious sponsorship, it would be idiotic not to consider it."

Molineux has been Wolves' home since 1889. While many clubs have introduced new names when they have moved stadiums, only Bradford City and Leyton Orient have renamed their traditional grounds.

Morgan also revealed the club was exploring the possibility of leasing part of the ground to generate funds. Wolves currently hold a 125-year lease from Wolverhampton City Council on the ground.

He said: "We're talking to an occupier who wants to lease part of the stadium and that would give us significant revenue.

"That would be at least a 15-year rent and would be a catalyst for stage one of our redevelopment, irrespective of whether we win promotion.

"The redevelopment work will be done incrementally, because the last thing I'd want is a 35-40,000 stadium and have it half full.

"The capacity would probably increase by 2-3,000 each time we did a stand."

Morgan added that Wolves were unlikely to move to a new ground.

He said: "There are no obvious replacements unless you go the edge of the city. Transport communications are good, with parking and public transport, and we benefit the city economy.

"Molineux is the right place but it's not without problems when it comes to redevelopment."

The ground's current capacity stands at 28,576, but the board are considering extending that figure to 40,000, as and when Wolves are promoted to the Premier League.

Redevelopment plans should be made public within two months. Morgan promised fans great care would be placed on stadium appearance.

He said: "I'm a builder, so construction is close to my heart,. There will be great consideration and I always want Molineux to look a great stadium."

Previous owner Sir Jack Hayward paid for the previous redevelopment of Molineux, which saw three new stands built between 1991-94 at a cost of around £20million.

Morgan was talking to supporters at the Fans' Parliament at Molineux.