Moxey admits Wolves may have to sell
Published 25/02/2011 | 10:22
Chief executive Jez Moxey has admitted Wolves may have to sell players if they are relegated from the Barclays Premier League.
Wolves are currently bottom of the table ahead of tomorrow's home clash with Blackpool. They announced yesterday a profit of £9.1m for the year ending May 31, 2010 but off-loading players will be a possibility should Wolves go down.
Moxey made his comments in answer to a question from a supporter during the latest meeting of the Wolves Fans' Parliament.
He said: "I really want to talk about us staying up because, if we hold on, I believe we will be a much better team next season.
"Players want to stay in the Premier League.
"Aston Villa didn't want to sell James Milner, Newcastle didn't want to lose Andy Carroll and Manchester United didn't want to let Cristiano Ronaldo go.
"Now look at Fernando Torres. The players have most of the power.
"We're no different from other clubs but we will fight tooth and nail to do what's right for this club and that might involve selling players."
Moxey revealed Wolves will show another profit for the current financial year although it will be reduced.
He said: "We have spent an awful lot of money but we'll make a profit again this year, although not as much.
"A football club requires constant feeding.
"It's a perpetual thing. Profit shouldn't be a dirty word. We need to make a profit because we also want to continue to invest in new players.
"The bigger clubs all make profits but they might have huge debts to service - and some other clubs make big losses.
"You shouldn't necessarily look at the situation over one year. Look at them over five years."
Moxey insists the proposed redevelopment of Molineux - starting with the Stan Cullis stand this summer - will not cause financial problems for the club.
He said: "Phase one of the rebuilding is being funded from working capital. It won't be borrowed and there will be no debt.
"We're not going to put all our eggs in one basket. We have to balance the work properly with building a team.
"(Chairman) Steve (Morgan) and I have had many heart-to-hearts on this subject.
"I've reiterated in writing and verbally on many occasions that the work can't be at the expense of developing a team that is capable of competing."