The club posted a gigantic £57million loss for the period covering their Championship-winning season.

However a big chunk of the loss was as a result of promotion. Around £20m of the £57m came from player and staff bonuses which arose from reaching the Premier League, as well as extra fees owed from transfers due to winning promotion.

It's understood the club would still have been working within Financial Fair Play (FFP) rules even if the team hadn't won promotion.

The eye-opening figures show the 'risk and reward' approach which owners Fosun took to realise their Premier League dream.

But in their accounts, published yesterday, the club said it worked on a month by month basis to ensure it wasn't placed in financial difficulty despite the huge outlay.

"As is the case with all professional football clubs...there is a risk in respect of complying with the Profit and Sustainability regulations (FFP)," a financial risk statement by the club said.

"However, in response to this, the directors ensure the latest forecasted financial performance against the (FFP) criteria is consistently monitored and updated as a minimum month on month, to mitigate the risk of such sanctions."

The club's financial bosses have also been mindful of the impact Brexit may have.

"The club has entered into forward contracts for certain specific amounts payable to mitigate the risk of higher payments as a result of an adverse fluctuation in the market," the accounts read.

During the 2017/18 season Wolves spent big on buying Ruben Neves for a club record £15.8m fee, while Roderick Miranda, Barry Douglas and Rafa Mir also joined on permanent deals and loan fees were paid for Willy Boly, Diogo Jota, Leo Bonatini, Ruben Vinagre and Benik Afobe.

In a statement yesterday Wolves said: "In summary, Wolves’ owners are committed to continuously improving the club, from both a footballing and wider operational and strategic perspective.

"Their aim, through the continued application of the footballing philosophy which has been so successful during the 2017/18 season and first half of the 2018/19 season, is for the club is to become an established competitor in the Premier League."

Analysis by Tim Spiers

At first glance the figures are eye-popping.

A £57million loss, wages up by £20m (to £44m), debt owed to Fosun up to £75m; they're numbers which scarcely seem believable for Wolverhampton Wanderers, previously known as a sleeping giant of a club which has plied its trade in the Championship (or lower) for the vast majority of the past 35 years.

But in Fosun, Wolves have ambitious owners who are dreaming big. As big as it gets, actually.

They have aspirations of transforming Wolves into one of the biggest clubs in England – and in 2019 you can't do that without incurring huge losses in your annual accounts.

Previous owner Steve Morgan had a dream to make Wolves a sustainable, profitable, organically grown club with a focus on homegrown youth and a long-term future.

He had admirable intentions, building the club from the ground up via investing in the club's training ground, academy and stadium and promoting young, British players into the first-team.

Mick McCarthy worked wonders on the field but, crucially, not enough money was invested in quality players to keep Wolves in the Premier League and, when McCarthy was sacked, the whole house burned down in dramatic style.

Like Morgan, Fosun also want to build a long-term future by investing in youth, but they also realise that getting to the top will require a massive cash outlay.

With bigger pockets than Morgan's, they have the money to back up their ambition.

They've spent megabucks on players, on wages, on staff, on the training ground and, soon enough, the stadium.

And the results have been almost instant. After a dodgy first season in which they learned several lessons Fosun have, via the crucial and imperative partnership of boss Nuno Espirito Santo and his agent and good friend Jorge Mendes, plotted a path to the top half of the Premier League and an FA Cup quarter final inside just two years.

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It's taken a lot of money but, pertinently, that money has been invested wisely in players who the club hope will be worth far more if/when they are sold.

Yes, during the season in question they spent a then-club record £15.8m on Ruben Neves, but how much is Neves worth now? £30m? More?

Indeed, how much is the club worth now? Fosun bought Wolves for £30m. Mike Ashley wants to sell Newcastle, a club below Wolves in the table, for £280m.

A loss of £55m may seem gigantic but on the scale of football's quite insane megabucks world it's pocket change.

Wolves hope to finish seventh in the Premier League this season – Burnley finished seventh last year and earned £123m in television and prize money alone.

With Wolves' sponsorship, commercial and ticketing income set to soar alongside the sizeable TV and prize money cash, they'll be hopeful of offsetting the £100m they've spent on players this season and comfortably finishing inside FFP rules.

Fosun have taken risks – and been rewarded. With their continued investment and, if Nuno and Mendes stick around, the sky does appear to be the limit for Wolves.

The key now is how to crack that top six and join the likes of Manchester City, Liverpool etc. The only answer is to invest. And invest big.