League Championship Club Wolverhampton Facing Financial Nightmare

League Championship club Wolverhampton Wanderers are facing a "financial nightmare and the prospect of a mammoth" £25M ($37.7M) wage bill in League One if they suffer relegation, according to John Percy of the London TELEGRAPH. Club Chair Steve Morgan has revealed that no Wolves players have clauses written into their contracts to take pay cuts should they drop out of the Championship, "raising the possibility of a major squad clear out at cut-price fees." The majority of Wolves' players had their salaries slashed by around 40% following demotion from the Premier League last May, "but there is no agreement in place if they crash to a second successive relegation" (TELEGRAPH, 3/4). In London, Neil Moxley wrote the club "carries a wage bill" of around £25M in the second tier. Although Wolves "will receive a further parachute payments," its income would be hit by the loss of other TV revenue (DAILY MAIL, 3/4).