Wolves have this evening released a statement from chairman Jeff Shi, who has spoken openly about the club’s current financial predicament.
It has been a frustrating summer so far for supporters, who have been crying out for some new faces to arrive at the club.
Only Tom King and Matt Doherty have come in so far.
There have been far more outgoings, with Ruben Neves, Nathan Collins, Conor Coady, Dion Sanderson, Ryan Giles and just today, Matija Sarkic all departing.
Some potential names have been thrown out there in recent weeks, such as Nico Elvedi and Aaron Cresswell. And of course, there has been a lot of talk about long-term target Alex Scott.
But Shi has suggested in his statement tonight that it just isn’t possible for Wolves to be making significant transfer deals this summer.
Jeff Shi outlines where Wolves are at with FFP, and gives Julen Lopetegui verdict
Shi has penned an open letter for fans to sink their teeth into.
In it, he talks about the club’s current financial position.
He states that Wolves must not exceed the £105 million loss threshold at the end of the season (which would be the end of a three-year period).
Wolves have to comply with the Premier League’s rules on profit and sustainability. The club must pass a test before the end of 2023/24 season, and Shi has insisted Wolves will pass.
After this season has finished, Wolves will be able to spend more freely.
Shi talks about the impact of Covid and the pandemic on revenues.
He also says that ‘a significantly increasing wage bill and player acquisition costs’ have contributed to the current situation.
Towards the end of his letter, Shi discusses manager Julen Lopetegui, who has not been shy in voicing his feelings about the situation over the past couple of months.
He doesn’t express his sympathy, or state that the pair have spoken or anything. He merely acknowledges the great job he has done so far at the club.
Shi says: “Our head coach has undoubtedly done an excellent job since joining us last November. We hired him and his team at a very difficult moment and without a doubt they succeeded in the aims we set for them. Now, together with the players and all support staff, they are working hard again to prepare for the upcoming campaign.”
Jeff Shi’s letter should have come earlier in the summer
Inevitably, this letter from Shi has prompted a big response from Wolves fans on social media.
Many were already frustrated, and to read what Shi has said has done little to make them feel better.
But some do appreciate the honesty and the clarity.
One does wonder why this letter was not released earlier this summer.
Doing this would have just allowed everyone to know what was going on, and push forward together as a fanbase behind the team.
Hopefully, Wolves can be savvy and somehow bring in some new faces that will genuinely help Lopetegui and Wolves in the coming season.
And hopefully, the current crop will be up to the task of trying to build on last season.
Shi’s statement in full can be read here