Steve Morgan makes threat to quit Wolves

But the club's 60-year-old multi-millionaire chairman admitted he has no "exit strategy" and wants to ride out the current crisis, which sees the club in danger of a second successive relegation.

He also revealed £73m had been spent on players in his five-and-a-half years since he bought the club, and announced predicted losses of £6.5m for the current financial year.

Morgan also claimed that Wolves had received £37m in sales of players in his time at the helm.

He said that gave a net outlay of £36m, which he claimed put the club in the top 10 of spending clubs since August 2007.

"If there are people out there who seriously want to invest in the football club, I will talk to them," Morgan told the 37-strong Wolves Fans' Parliament at a three-hour meeting at Molineux last night. "Serious people only."

Morgan has been criticised by fans at the alarming decline of the club which is threatened with leaving the top two tiers of English football for only the third time in their 136-year history.

They have just nine wins in 47 games and had four managers in a year. "What's my exit plan? I don't have one," he said.

"But if it gets to the point where I feel I am not wanted I will go. If you want me to go I will go. But I am fully committed to this club and I want exactly the same as you."

Manager Dean Saunders said Morgan is obsessed with the club.

"The chairman has done a lot of good for the club – Wolves got into the Premier League under him which was everyone's dream and he's obsessed with the football," said Saunders.

Morgan bought Wolves for £10 from Sir Jack Hayward in August 2007 in return for a £30m investment.

Annual turnover is set to plummet from around £60m to £30m because of reduced TV revenues and sponsorship.

It was also revealed at last night's meeting that chief executive Jez Moxey took a 50 per cent pay cut on his £1.1m salary when the club were relegated.