'There seems to be no plan' - what next for Wolves?

Julien Lopetegui took Wolves from the bottom of the Premier League to safety last season, before quitting his job this summer

It could be argued that Wolves' latest managerial transition has been significantly smoother than their previous one.

But considering the former Real Madrid and Spain coach told Wolves officials of his wish to leave on 29 July and he then presided over a draw with Luton and an encouraging 3-1 win against Stade Rennes to complete the pre-season campaign before Gary O'Neil was installed as his successor less than 24 hours after his exit was confirmed, it was all quite straightforward.

Certainly more so than Lopetegui's appointment in November 2022. That came more than a month after Bruno Lage's dismissal, after one attempt to get the Spaniard had failed for family reasons and Wolves had publicly been rebuffed by Michael Beale, who left QPR for Rangers just over a month later.

Nevertheless, it is hardly ideal.

"Every other club in the Premier League has been working towards this game for six weeks," reflected O'Neil before Monday's opening game at Manchester United (20: 00 BST). "We have had a very different pre-season to that."

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The overspend becomes clear

How Wolves ended up in this situation was outlined by chairman Jeff Shi in an open letter to supporters, which was released on 3 August, by which time those in power at Molineux knew what was about to happen.

The letter spoke of the continued commitment under Chinese owners Fosun and spoke of good times ahead. But it also made clear the impact the Premier League's profit and sustainability rules were having on Wolves' ability to spend.

In their last accounts, to 31 May 2022, Wolves lost £43.1m. A further hefty loss is anticipated for the financial year just finished. If that happens again in 2024, the club could bust the Premier League's allowable £105m loss ceiling over a three-year cycle and leave them at risk of a heavy fine and a points deduction.

"We are now at a stage where we must pay even closer attention to FFP (Financial Fair Play) and manage it well," said Shi in his letter.

"Last January we invested much more highly in the first team than we had anticipated, bringing in six players. It was a very unusual winter window for us, and it literally advanced the investment room originally left for this summer."

The latter bit is key. With Wolves bottom of the Premier League when Lopetegui accepted the job he did so believing his squad would be improved at the first available opportunity. Those signings helped Lopetegui keep Wolves up.

But was it made clear to him this would come at a pretty heavy price? Lopetegui didn't even know there was a problem until the latter weeks of the season. As the summer dragged on, the full realisation began to dawn. When the attempt to sign Alex Scott from Bristol City could not be completed, Lopetegui decided there was no point staying.

Hobbs in charge

Sporting director Matt Hobbs was given full responsibility for finding Lopetegui's replacement.

He did not just focus on out of work candidates. But under the circumstances, it was handy that the man deemed the stand-out candidate did not require the payment of compensation to get him.

O'Neil fits the template of a young, ambitious, outward-looking British manager Wolves thought about appointing with Beale. They had reasoned this was the way forward for them after an era that began with Nuno Espirito Santo and involved overseas coaches arriving with their own support staff, even though Wolves employed people skilled in some of those roles.

"The phone call was a surprise but once I found out something might be available, it didn't take me very long to make my mind up," said O'Neil, who neatly swerved questions about recruitment when he spoke to the media for the first time.

"I signed up for the job with this group. I like it. I really think we have a chance of doing something this year."

Echoes of Leicester?

Fosun cannot be accused of failing to sanction spending on players. There are questions over the wisdom of how some of it was spent.

Midfielder Goncalo Guedes cost £27.5m last summer. The former Valencia man started eight Premier League games before he was loaned to Benfica. It is thought unlikely he will play for Wolves again.

The previous season Adama Traore was loaned to Barcelona in the hope the Catalans would turn it into a permanent deal. That did not happen and Traore left for nothing at the end of June.

Nelson Semedo came from Barcelona for £37m in 2020 but has been an inconsistent performer. Wolves spent £14m on Hwang Hee-chan, turning a loan for the South Korean into a permanent deal 18 months ago, since when the former RB Leipzig man has scored four league goals.

Finance has been raised through sales, notably England Under-21 star Morgan Gibbs-White to Nottingham Forest for £25m last summer and the eyebrow-raising £47m Saudi Pro-League club Al Hilal paid for Ruben Neves in June.

Evidently, it has not been enough, creating worrying comparisons between Shi's statement and similar words coming out of Leicester 12 months ago before their relegation to the Championship in May.

"A lot of people are drawing that parallel," said Ciaran Barker, vice-chair of the Wolves 1877 Trust.

"Wolves fans are quite realistic. We know we have no divine right to be challenging in the top half of the Premier League. We are not in the top 10 biggest clubs in the country.

"But what is annoying Wolves fans at the minute is the lack of vision. There seems to be no plan.

"I doubt we are going to sign anyone and if we do, it is going to be free transfers or loans.

"We have a tough start to the season and it wouldn't surprise me if we struggle, at least until the first international break.

"Wolves fans thrive on adversity. It is what we have dealt with for many years.

"Yes, there is a lot of frustration, which at times may boil over. But by and large the fans will get behind the team and the squad is good enough to stay up."

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