With an eye on the stadium redevelopment that was recently given the green light, Mark Cadman said: "Fans of my age will remember that it nearly broke the club when we built what is now the Steve Bull Stand 30 or so years ago."

Jez responded: "That won't happen this time. Phase one of the rebuild is being funded from working capital. It won't be borrowed and there will be no debt. We're not going to put all our eggs in one basket. We have to balance the work properly with building a team."

Adam Bate asked whether phase two of the redevelopment - the demolition and rebuilding of the East (Steve Bull) Stand was inevitable. "We're not committed to phase two but Molineux would look awful if we didn't at least do phase two as well," Jez said.

"If we didn't think we had a bright future, I wouldn't be saying we should press ahead with it. Steve Morgan is very ambitious with the Regener ation of the city and it will require us to keep making profits to pay for the stadium work, so we're looking at the medium and long term. These plans have to be able to survive possible relegation and promotion."