Morgan will spend on defence

Wolves new owner officially began work yesterday after a tortuous three months wait to take the reins at Molineux - and although he believes Wolves have a realistic chance of going up he has been careful not to "promise the world" to fans.

He feels the current squad is well-placed to make a challenge for the top flight and has praised the work done by boss McCarthy in turning Wolves around in 12 months since he took over.

But he did hint that more players will be on their way into Molineux before the August 31 transfer deadline.

"I think the squad is in very, very good shape," he said.

"I know we'd like to strengthen the squad a little bit more in defence and we're hopeful we'll be able to do that before the end of August but it would be complete folly to go and spend the money we have got willy nilly," he said.

"We have already spent several million pounds in the close season so far and there is room for us to do a bit more.

"We obviously had to look at the goalkeeper situation but luckily we have an excellent replacement in Wayne.

"Despite that we still feel we need an extra signing in defence."

Morgan has heralded the strength of his relationship with Chief Executive Jez Moxey and manager Mick McCarthy - and has stressed that McCarthy is the man who makes the decisions on players coming in.

Although he will be hands on, Morgan does not intend to be a "high-profile" chairman and will leave his management team to make official statements on the club.

And he is keen to stress he will not be interfering in team matters.

"I have to stress that the players we will sign will be Mick's decision," he said.

"Of course, Jez and the board will talk about it but Mick is the man who decides who comes in as far as I'm concerned.

"Obviously during the period between the end of the transfer window and Christmas we'll be looking to see how the team gets on and Mick will decide his priorities come January."