Wolves chairman Steve Morgan admits Wolverhampton Wanderers' financial problems
Chairman Steve Morgan admits that Wolves have not planned financially for League One football.
Last Updated: 05/03/13 7:19pm
The Midlands club currently sit second from bottom in the Championship after a run of thirteen games without a win, and manager Dean Saunders has yet to register a single victory since taking charge.
Wolves, who were relegated from the Premier League last season, have a wage bill of £25million, with chairman Morgan revealing that the club are losing £6.5million per year. Financial issues would only increase if the club suffer a second successive relegation.
"It's up to us to make sure we don't get into a tailspin," Morgan said.
"The contracts were all done when we were in the Premier League. There was no question or thought about going into League One.
"None of the contracts take that into account."
Wolves face Millwall on Tuesday night before travelling to the City Ground on Saturday to face Nottingham Forest.