Wolves' losses will be a shock, says Steve Morgan

Answering criticism that Wolves had under-invested in the team after last summer's record £28m sales, he revealed the next set of club accounts will spell out in graphic detail the damage Wolves' tumble to League One has inflicted on the Molineux economy.

"We ran last season with a wage bill in excess of £24m," said Morgan.

"That was just the playing side, add the staff and its nearer £28m.

"We got to the end of last season and – these accounts have to yet to be signed off by the auditors – the figures will not be pretty. As and when the accounts come in, people will be shocked at them.

"The club has been well run and we've got to do what's necessary, which is why we have been spending to get the club back up. But I will have to put money in to ensure the academy project remains on course."

Despite the summer's budget cuts, Morgan still backed keeping high earners Kevin Doyle and Bakary Sako, while so far refusing to settle the contracts of outcasts Roger Johnson and Jamie O'Hara.

Morgan said: "Nottingham Forest came in very low and then, late on the last day, they came back with something that was anything like.

"Well, it was much too late and we were not going to do business with a gun put to our heads."

Exclusive by Martin Swain - Major two-page interview in Saturday's Express & Star