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Morgan building a lasting legacy at Wolves

Wolverhampton Wanderers owner Steve Morgan remains committed to building a lasting legacy at Wolves.

The commitment to the cause comes after an announcement regarding the accounts for the financial year ending May 2013.

The annual accounts reflects the year following relegation from the Premier League to the Championship, with turnover dropping from 60.6million to 32.1million, an operating loss of 6million and an accounting write-off of 27.5million from playing staff's value.

But despite the massive hit to the pocket of Morgan, plans for the new academy at Compton Park remain on target.

"I will have to put money in to ensure the academy project remains on course," Morgan told the Express & Star.

The youth programme development comes at an additional cost of 8.5million, with a full-size indoor academy arena to be built on the site of the former St Edmund`s Catholic School.

The ambitious plans which will be completed over the next 12 months would give Wolves some of the best facilities in the country and would be yet another sign of the Category One academy status which was first awarded in July 2012.

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The Journalist

Writer: Akela Mail feedback, articles or suggestions

Date:Saturday December 7 2013

Time: 12:00PM

Your Comments

I think that SM is being a little disingenuous here. It seems like energy company accounting, that is, blurring items of profit and loss to give an impression that the situation is worse than it is. What about the 56 houses SM built at Castlecroft? Did he have to pay the council for the school grounds or was some deal done in return for the provision of alternative facilities? I've lost track of the argument so can someone enlighten me?
Southbank60
 

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