How Wolves plunged to the lower leagues and nearly ceased to exist - Part 23: Desperate search for the millions needed to save Wolves from oblivion
In more detail than ever before, the Express & Star tells the full Bhatti brothers story– a troubled era which saw Wolves plunge to depths of the lower leagues and face financial oblivion. In Part 23, desperate attempts to find the millions needed to save the club.
Wolverhampton Council's proposal to buy the club in its entirety turned out to be a non-starter, after the district auditor advised it would be unlawful.
But some hopes were raised when the council's chief officer Mike Lyons met with joint receiver Adrian Stanway. The club were given a stay of execution while a rescue plan could be finalised.
The following day was marked by a frenzy of activity as council leader John Bird frantically flitted from meeting to meeting trying to rally support.
His revised proposal, following the district auditor's advice, would see the council offer £1.1 million to buy the ground, which would be enough to cover the debt owed to Lloyds Bank, plus the receivers' fees. But another £2 million would still be needed, and Bird issued an urgent appeal for 'people with money and expertise' to come forward before the winding-up hearing.
Bird did not mince his words about the gravity of the situation, and that Wolves may well have played their last game. This was not a time for well-meaning amateurs, but for serious people, with serious money.
"It is clear that none of the people who have shown an interest so far have the necessary money to do this on their own," he said.
"I doubt whether any of them would be able to even match what the council has offered for the ground.
