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Wolves would have gone bust

Wolves would have gone bust

If it wasn't for the Premier League parachute payments, Wolverhampton Wanderers would have gone bust following relegation from the Premier League and Championship.

The comments come from Wolves chief executive Jez Moxey after we won promotion back to the Championship at the first attempt.

Back-to-back relegations from the Premier League and Championship left the club in turmoil, both on the pitch and off it.

However the safety net of knowing that the club would receive £48million over the next four years enabled the club to not only keep on trading but push for promotion from England's third tier.

"If we hadn`t had the parachute payments then we would probably have gone bust.' Moxey told the Express.

Currently Wolves have received two thirds of that £48 million, with another £8million to follow next season and the season following that.

This gives Wolves a safety net with new financial regulations in place in the Championship, with Financial Fair Play rules governing England's second tier.

Teams are allowed to lose £3million a year without punishment, whilst losses of under £8million are also allowed if the clubs owner pays off £5million of the debt.

Anything over £8million breaks the rules and teams will be punished with fines if they earn promotion to the Premier League, or slapped with transfer embargoes if they remain in the Football League.

So having £8million handed to us by the Premier League is of huge benefit.

Moxey continued: "There is almost civil war in the Championship over those payments because other teams say it gives you a massive advantage."

However Moxey concludes by saying that the payments only really go towards paying off existing large contracts.

He concluded: 'They have helped us pay for those contracts.'

Those contracts he refers too are the likes of Stephen Ward, Jamie O`Hara and Kevin Doyle, who have remained on the books at Molinuex despite our fall down the leagues.

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Date:Tuesday April 15 2014
Time: 10:00AM

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