Wolves have splashed the cash, says Steve Morgan

Owner Steve Morgan today defended his buying policy at Wolverhampton Wanderers after insisting the club was among the top net spenders in the country.

Fans are concerned the stadium redevelopment has come before investment in the team despite a summer when Roger Johnson was signed for £4.5m, Jamie O'Hara, who had been on loan, arrived for £3.5m, and Dorus De Vries came in on a free transfer.

Morgan sanctioned record transfer signings two years running with Kevin Doyle for £6.5m in June 2010 then Steven Fletcher 12 months later for £7m.

The club has spent around £44m in fees on 18 permanent signings since winning promotion in 2009, recouping around £7m on sales. The £18m for the new Stan Cullis Stand was already ringfenced and does not affect team building.

But with Wolves just a point above the drop zone, the spotlight has fallen on the club to do more business this month after the arrival of Eggert Jonsson for £600,000 and Emmanuel Frimpong on loan.

The club look like missing out on Manchester City defender Nedum Onuoha because of the costly wages and fee, while sources say they aren't keen on signing Nicky Maynard for £1m.

But Morgan said: "This club is in the top five or six net spenders in the Premier League since promotion, and we're seldom given credit for that. If you ask the fans, they're probably unaware of that.

"We brought in three quality players during the summer. We've got a very good quality stand-in goalkeeper and two quality, established Premier League players. I do take exception to people saying we only brought in one player.

"You can't keep bringing in five or six players every window – it just doesn't work that way. You have to balance your books."

Morgan revealed he would have allowed another signing in the summer had he known the team would struggle.

"With a crystal ball, we might have brought in someone else, but we felt we'd done enough," he said.

Morgan also revealed Mick McCarthy is still trying to sign up to two more players this month, adding: "Mick has the budget, we're looking at one or two others."