Wolves eye date for Molineux revamp

Wolves owner Steve Morgan hopes to decide when to start the £40million Molineux redevelopment early in the New Year.

Speaking publicly about his ambitious plans to transform Molineux for the first time, the multi-millionaire chairman has the key task of deciding when to "push the button" before work can begin on a new Stan Cullis Stand next summer.

While admitting relegation would force a rethink, Morgan is anxious to start the work that could see the capacity rise to 38,000 with three new stands and two corners filled in.

He said: "We can't wait until the end of the season because there are a lot of materials that need to be procured well in advance and contractors need to be lined up.

"So at some point early in the new year, we have to press the button. Relegation could happen and we may have to take a decision if it did happen, as to whether we start it or not."

Morgan stressed an early start would be cheaper while prices are low.

He said: "The advantage about doing it now is that prices in the construction industry are about as low as they're going to get. So it's a good time to do it.

"If the economy really starts to pick up in two or three years' time, everything will go up, and it doesn't go up by two or three per cent, it goes up by 15 or 20 per cent in the industry."

But Morgan is cautious about looking too far ahead and whether the fourth phase - taking the capacity to 50,000 – will be completed.

He said: "I shy away from headlines saying 'Wolves to build a 50,000 stadium' because although I'd love to get there, we might stop at 36,000.

"We'll decide when we get there."

Morgan re-assured fans the £15million for Phase One – a new North Bank including megastore and club museum – was already in place.

He said: "We've already put the funds for that stand to one side."

But Morgan admitted some borrowing would be needed for Phases Two and Three – a new Steve Bull Stand and South Bank and corner linking them.

He said: "We absolutely 100 per cent categorically won't be 'hocking' the club to do anything.

"If we have borrowings, they will be manageable. We will continue to manage the club in a proper, prudent manner."