Upmarket new WV1 bar opens at Molineux

But this was indeed the future of football facilities as seen by Steve Morgan, and around 300 revellers who packed into the upmarket WV1 bar and restaurant for the grand unveiling gave the Wolves owner's vision the seal of approval.

In the midst of the longest double dip recession for half a century Mr Morgan has so far ploughed £18million into his mission to improve the supporter experience on matchday – with a further £24m in the pipeline to complete the job. Last night his blueprint went before the paying public he hopes to convince, and the early signs were promising.

Corporate guests making use of WV1 will be treated to wall-to-wall windows offering panoramic views of the Molineux pitch on one side, and over the south of the city on the other. The finish is modern, crisp and clean, with black furnishings and wood laminate flooring throughout while plasma screen TVs are dotted liberally around the room.

At yesterday's launch businessmen and women who have signed up for hospitality packages in the new Stan Cullis stand mingled with Wolves players past and present, as well as manager Stale Solbakken and VIPs.

Darlaston-born TV presenter Mark Rhodes, a self-confessed lifelong Wolves fan, gave WV1 the thumbs up. "It is a privilege to be here," he said. "It's absolutely fantastic. So much work has been put into this.

"Steve Morgan is a man of his word – Jack Hayward sold him the club and asked him what he was going to do with it, well this is the answer. This is fit for a Premier League club."

Manager Solbakken, who arrived at Wolves this summer, was also impressed. "It's the first time I've been here and it's very nice. In football nowadays you have to have modern facilities."

Meanwhile for John Roberts, chief architect on the rebuild of Wolves' North Bank, the launch of WV1 marked a milestone in a project which has taken just two years since plans were first discussed.

"It really is a fantastic facility for Wolves and I'm very pleased with it," the 46-year-old, who works for Manchester-based AFL said. "Seeing everybody in here tonight, that's when you can start enjoying it."

Fan of the year Barbara Morris, 83, from Pendeford, has been going to watch Wolves for 70 years and has switched to the new stand for next season. "It's absolutely lovely," she said.

Wolves players Karl Henry and Wayne Hennessey, as well as legendary former striker Steve Bull, arrived at the launch around 45 minutes in, at 7.15pm.

The restaurant and bar, which will be segregated on matchday, will cater for more than 500 people between them.

And Wolves spokesman Matt Grayson revealed bookings could be taken for WV1, which is between the lower and upper tiers of the new 7,700-seater stand, on non-matchdays.

Supporters' bar The North Bank will open on the ground floor while a museum is due to be completed in November.

The £18m rebuild of the Stan Cullis stand is part of Mr Morgan's £42m vision for Molineux. The Steve Bull and Jack Harris stands could eventually be redeveloped to create three adjoining sides.

The completion of the new North Bank has boosted capacity to 31,700 while the next two phases would see it increase to 37,000. It was announced in February phase two had been delayed by two years due to funding pressures.