Molineux chairman Steve Morgan pumped £30 million into the club when he took over as chairman just over a year ago.

The Owls can dream about what they could do with that amount, or more, as they seek a Hillsborough transformation via new investment.

But Morgan believes that money must be spent carefully and not just for the sake of it.

He is warning that he will not throw more money around as his club try to improve on last season's seventh-place finish and win promotion.

Wolves will still be the envy of Wednesday for they have spent around £3m in the close season on four players: forward Sam Vokes from Bournemouth, defender Richard Stearman from Leicester, midfielder David Jones from Derby and striker Chris Iwelumo from Charlton.

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Five exits, however, are set to rake in around £5m.

Big-name departures were striker Freddy Eastwood, to Coventry for £1.2m and midfield player Seyi Olofinjana, who went to Stoke for £3m.

Another sale saw centre-forward Jay Bothroyd go to Cardiff for £300,000.

Molineux hopes of promotion or the play-offs fizzled out last season.

Chairman Morgan says: "There was a groundswell of expectation because money had been injected into the club but it was never about a magic wand.

"I was never going to throw money around, particularly when I was learning the job myself. It's impossible to balance the books at a football club!

"We signed three first-class players in January and four first-class players in the close season.

"It's too easy to write big cheques on big names. If they don't deliver, then the moans will start and I'll be doing most of them!

"The message is we're going out there confident and we're in good shape.

"We're in the toughest league in the UK giving it our best shot and believing we're well equipped as anyone to tackle it.

"We're doing our best but we might have to be patient. What is very much ongoing is getting the right players for the right money to play attractive football.

"I think we'll see some attractive football this season. It's getting the right blend to work with the existing squad and I'm supporting (manager) Mick McCarthy all the way.

"I don't think we need to supplement the squad much more, perhaps just the odd extra player, because we're in great shape."

Wednesday are set to come up against another old foe tomorrow.

Chris Iwelumo, bought for £400,000 from Charlton in the summer, scored twice in the Owls' 3-2 defeat at The Valley last August - Wednesday took an early lead but were outgunned in the second half.