The Athletic FC Podcast – Episode Summary

Episode Title: Can anyone save Wolves?
Date: November 4, 2025
Host: Ayo Akinwolere
Guests: Matt Slater, Tim Spiers (Wolves supporter), David Ornstein

Episode Overview

This episode zeroes in on Wolverhampton Wanderers’ disastrous start to the Premier League season and asks whether anyone can steer the club clear of relegation. Host Ayo Akinwolere is joined by veteran reporter Matt Slater, The Athletic’s insider David Ornstein, and long-suffering Wolves fan Tim Spiers to break down the managerial sacking, recruitment missteps, ownership malaise, and whether the club has any realistic chance of survival.

Key Discussion Points & Insights

1. Managerial Turmoil at Wolves

• Victor Pereira Sacked:

  • Pereira leaves Wolves bottom of the table—no wins in 10 matches (2 draws, 8 losses).
  • Wolves hadn’t begun searching for his replacement until after the sacking.
  • Names approached: Gary O’Neil (progressed but withdrew), Rob Edwards, Michael Carrick, and exploratory interest in Erik ten Hag.
  • Gary O’Neil backing out was a real setback for the club.
    • “We broke the news on Monday evening that Gary O’Neil had withdrawn himself from the process … I suspect that came as a bit of a shock or setback internally to the Wolves hierarchy.” — David Ornstein [04:45]
  • Decision likely postponed till the international break for a calmer appointment window.

• Gary O’Neil’s Potential Second Stint Rejected:

  • His previous disastrous spell questioned; fans and the chairman himself weren't keen on a return.
    • “To go from a well-run model club a few years ago to appointing a guy who was sacked for not being good enough a year ago ... makes no sense to me whatsoever. Shows how desperate they are.” — Tim Spiers [05:40]

2. Wolves’ On-Field Woes and Squad Issues

• Bad Football and Poor Results:

  • Worst in goals conceded and among the lowest scorers; no wins in 10 for a second consecutive season.
  • The squad lacks creativity and defensive solidity, compounded by poor recruitment and managerial uncertainty.
    • “The football’s been pretty bad ... the squad they've got is not good enough. There’s no creativity and the defense is really weak.” — Tim Spiers [06:40]

• Recruitment Blunders (Summer 2025):

  • Roughly £100 million invested mainly on players with no Premier League experience.
  • Outgoings included key players like Matheus Cunha, Ait-Nouri, and Nelson Semedo.
  • New faces struggled to adapt; for example, John Arias (replacing Cunha)—10 games, no goals or assists.
    • “Not a single addition has Premier League experience. I find it maddening to be honest.” — Tim Spiers [12:50]
  • Recruitment strategy compared unfavorably to Sunderland or Brighton—no sustained philosophy, frequent changes in sporting directors.
    • “You compare that ... to Sunderland. Similar prices to what Wolves are paying. But they got a lot of their business done early and Wolves have no plan for this.” — Tim Spiers [13:45]

3. Recruitment Structures and the Mendes Connection

• Opaque Power Structures:
  • Ownership (Fosun), Jorge Mendes (as influential agent), and shifting sporting directors create unclear lines of authority.
  • Dire need for clarity and a consistent, club-first strategy.
    • “It’s always a bit of an unclear picture at Wolves because there are different people doing different things.” — David Ornstein [14:53]
  • Recent technical director (Domenico Teti) closely tied to former manager Pereira; his long-term future uncertain.

4. Fosun's Era at Wolves: Initial Promise, Rapid Decline

• Acquisition and Ambition:
  • Fosun bought Wolves in 2016 for £45 million during China's football investment boom.
  • Early success: Powered by Jorge Mendes’ network, rapid return to the Premier League, two consecutive 7th-place finishes, a run to the Europa League quarter-finals.
    • “Wolves ... picked the right advisor ... George Mendes gave them amazing access to his stable of Portuguese, largely Portuguese talent ... it went really well.” — Matt Slater [23:48]
  • Molineux was buzzing; the city and fanbase revitalized.

Notable Nostalgia:

• “There’s already a huge wave of nostalgia for that period ... People posting pictures of the elevens lining up in the Europa League ... Some of the nights we had at Molineux, beating Man City 3-2 after being 2-0 down ... It was amazing.” — Tim Spiers [25:10]

The COVID Downturn and Its Effects

• COVID-19 and Strategic Errors:

  • Pandemic hit Wolves (and China) hard, cutting off revenue and Chinese capital outflows.
  • Wolves’ income heavily dependent on TV revenue—leaving them exposed once results declined.
    • “China hit particularly hard ... There was a purse string moment at Wolves.” — Matt Slater [27:49]
  • The Mendes Portuguese talent pipeline began to dry up and recruitment lost focus.
    • “The Portuguese kind of, you know, production line starts to falter. … The trust starts to fray.” — Matt Slater [29:50]

• Financial Tightening and the End of Bold Ambition:

  • Adjustment to PSR (Profit and Sustainability Rules) and loss of appetite for heavy investment.
  • Wages and transfer spending flatlined; stadium expansion shelved.
    • “The stadium ... that was the first big red flag ... The plans for the stadium were jaw-dropping ... Now completely stopped. The place is crumbling.” — Tim Spiers [34:00]
  • Wolves no longer match the commercial growth or infrastructure upgrade pace of rivals.
    • “Wolves just appear to permanently shelve theirs. And I’m sorry, that’s a really big red flag for me.” — Matt Slater [32:55]

5. Ownership Intentions – Are Wolves for Sale?

• On the Market (Unofficially):

  • Fosun publicly claims they seek only minority investment, but the market believes they want a full sale (~£350-400 million, double annual revenue).
    • “The market does not believe Wolves ... The market believes that Fosun have been trying to sell Wolves for some time and would love someone to come along and take the club off their hands.” — Matt Slater [38:15]
  • John Texter made a full-club offer (not accepted).
  • If Wolves are relegated, their value halves overnight.
    • “Wolves established Premier League club ... yeah, maybe £350 million. Wolves a Championship club ... you’re talking about £100-£220 [million].” — Matt Slater [40:05]

• Fan Sentiment:

  • Anger focused more at chairman Jeff Shi than Fosun as a whole—his “uninspiring” public statements and decision-making have riled supporters.
    • “His decisions have led to this ... Some of the very peculiar things he has said in public have just made fans very angry.” — Tim Spiers [41:51]

6. Survival Chances, the Future, and "Crisis" Club Status

• Are Wolves in Crisis?

  • No immediate financial threat or unmanageable debt, but on-field prospects dire.
    • “When I come on here and talk about crisis clubs, I’m normally talking about clubs in real financial difficulty ... There’s not ... real debt at Wolves.” — Matt Slater [43:03]

• Survival Prospects:

  • “They need an inspiring figure to come in and lead them to safety ... There is maybe just about a team there that can stay in the Premier League. … But I struggle to see how they ... score their way out of trouble. There’s a real lack of creativity there.” — Tim Spiers [45:00]
  • Wolves need a manager who can instill defensive solidity and grind out results—but none of the current candidates seem likely to inspire or galvanize.
  • Relegation is seen as almost inevitable unless something drastic changes.

Memorable Quotes & Moments

• “[O’Neil’s rejection] came as a bit of a shock or setback internally to the Wolves hierarchy.” — David Ornstein [04:45]
• “The chairman publicly said on a podcast in July that they sacked O’Neil too late because he was doing such a bad job. For him to say that in July and then ... trying to reappoint him makes no sense to me whatsoever.” — Tim Spiers [05:50]
• “There’s no creativity and the defense is really weak. … Sam Allardyce said he wanted the job this morning, so I need to lie down.” — Tim Spiers [07:45]
• “Not a single addition has Premier League experience. I find it maddening.” — Tim Spiers [12:50]
• “Their USP and ... we have to acknowledge that they got one thing right ... they picked George Mendes.” — Matt Slater [23:50]
• “People used to say Molineux was such an incredible place to visit at the time ... They’ve stopped selling out for the first time since 2017.” — Tim Spiers [26:05]
• “Wolves just appear to permanently shelve [stadium upgrades]. ... That’s a big red flag for me.” — Matt Slater [32:54]
• “If it goes into the Championship, it halves in value.” — Matt Slater [33:27]
• “The market believes Fosun have been trying to sell Wolves for some time.” — Matt Slater [38:11]
• “His decisions ... have led to this and some of the very peculiar things he said in public have just made fans very angry.” — Tim Spiers [41:51]
• “I don’t see them being, you know, thrown to the wolves. Sorry, that, that really was an accident…” — Matt Slater [43:36]

Key Timestamps

• 02:30-05:00: Manager search post-Pereira, O’Neil rejection
• 06:30-08:15: Tim Spiers on Wolves’ dire on-field situation
• 08:45-11:00: Discussion of short managerial spells, recent Wolves history
• 11:25-13:30: Recruitment failures and summer transfer mistakes
• 14:49-16:15: Mendes influence, club power structures
• 20:23-25:05: Matt Slater’s history of Fosun’s Wolves ownership
• 25:01-27:44: Tim Spiers’ nostalgia and turning point after Covid
• 27:44-30:37: Covid’s operational and financial impact on Wolves
• 32:54-35:25: Stadium issues, lack of commercial progress
• 37:32-41:51: Sale of the club, Texter bid, Fosun’s intentions
• 43:03-44:20: Are Wolves a ‘crisis’ club?
• 44:38-46:20: Survival prospects this season

Tone & Style

The conversation is direct, wry, and filled with the candor of seasoned insiders and a weary supporter. There are moments of dark humor, especially around Wolves’ perpetual struggles and exasperating leadership. Despite nostalgia for better times, the tone is realistic, sometimes cutting, about both the present and future prospects for the club.

Takeaway

Wolves’ dramatic decline from a model Premier League club to relegation fodder is rooted in mismanaged recruitment, muddled club structures, faded owner ambition, and a lack of clear direction—in both football and business terms. With an uninspiring managerial search, patchy squad, and lack of investment, the club’s future remains very much in the balance—unless new leadership (on or off the field) brings fresh energy and a coherent plan.