Gary O’Neil faces Man Utd baptism of fire after Julen Lopetegui scarpered over Wolves’ pauper budget and shrinking squad
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GARY O’NEIL knows he must survive on a Premier League pauper’s budget at Wolves as he hurtles towards Monday night’s baptism of fire at Manchester United.
And that is why Julen Lopetegui headed for the emergency exit after surveying his ever-shrinking squad and realising his pleas for summer reinforcements were being ignored.
Former Real Madrid and Sevilla manager Lopetegui, 56, watched enough players to fill a team disappear while the club’s Fosun ownership group battle to stay within Financial Fair Play rules.
The Chinese consortium, who wrote off a loan of £126.5million in the 2020-21 season, are also finally looking for a return on their investment.
Super agent Jorge Mendes has close ties to Fosun but is now making more money shipping his clients OUT of Molineux than he is bringing them in.
Star player Ruben Neves, from Mendes’ Gestifute stable, is the highest-profile name in the exodus, helping the cash-strapped West Midlands club bank £47m from mega-rich Al-Hilal.
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The Portugal midfielder, 26, was always expected to leave and perhaps the only surprise was him landing in Saudi Arabia rather than Barcelona — until you consider the £300,000-a-week wages.
Neves was the first departure of the summer transfer window on June 23, when there were few indications of the trouble to follow.
The next month impressive 22-year-old centre-back Nathan Collins moved to Brentford for £23m and former Molineux skipper Conor Coady, 30, who spent last season at Everton, joined Leicester in an £8.5m deal.
First-team stars Joao Moutinho, Adama Traore and Diego Costa exited for nothing, with left-back Ryan Giles signing for Luton for £5m and three other youngsters heading out on loan.
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And late last month 32-year-old Mexico forward Raul Jimenez transferred to Fulham for £5.5m.
His departure means only one player — the returning Matt Doherty — remains from the Wolves team which played in their last European game, a Europa League quarter-final defeat by Lopetegui’s Sevilla in August 2020.
While a rebuild was not necessarily a problem, the sheer volume of outgoing players left Spaniard Lopetegui realising it was not the job he had signed up for in November last year — shortly before Wanderers sold Belgium midfielder Leander Dendoncker to Midlands rivals Aston Villa for £13m.
Lopetegui was shocked at the club’s FFP situation and rumblings of his frustration surfaced even before the end of the season.
The club had announced a £43m annual loss in May 2022 and spent £101.m last summer — then another £31.75m in January to fund Lopetegui’s survival mission.
FFP rules state clubs cannot make losses of more than £105m during any three-year period.
Fosun fear a hefty points deduction unless they rake in a massive amount of that cash quickly.
The Chinese group also became spooked after Manchester City and Everton were charged by the Premier League over their own alleged financial breaches.
Treble-winners City might be able to afford heavy financial penalties — or even an unlikely points deduction — if found guilty — while the Toffees seem content to slog it out in court if necessary.
Wolves, who were bottom of the table when Lopetegui took charge, simply cannot risk either of those punishments as they look to survive in the top flight.
So Lopetegui was left to face the consequences, with former favourite Doherty, 31, his only outfield signing this summer after he left Atletico Madrid, while reserve keeper Tom King, 28, was also a free from Northampton.
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Lopetegui made 19-year-old Bristol City prodigy Alex Scott — dubbed the Guernsey Grealish — his top target.
But Wolves look set to lose out to Bournemouth — who used to be managed by O’Neil — after refusing to stump up the Robins’ £25m asking price.
Eventually, the financial constraints became too much for Lopetegui.
His departure comes less than a week after chairman Jeff Shi penned an open letter to fans, insisting the owners have “never had any plans to sell the club”.
Despite that public statement, there is a widespread belief the club are in need of fresh investment as their owners balance the books.
Former Wolves full-back and long-time fan Lee Naylor, 43, who made over 300 appearances for the club between 1997-2006, said: “We’ve had to claw a lot of money back and sell assets.
“In fairness to Wolves, they’ve done what is necessary but it’s not a good look for fans, especially after what happened to Leicester after they tightened the reins and were relegated.
“Wolves can’t risk a points deduction, so a lot of high-earners and old heads have gone.
“Fans and Lopetegui understandably wanted some replacements but the books have to be balanced, horrible though it is.
“The fans will be concerned but — no matter who the manager is — if the players buy into him, you can achieve success.
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“Gary O’Neil needs them to buy into his philosophy and buy into him as a person and as a manager.”
The chances are those are the only things being bought at Molineux for a while.