Why Wolves' relegation had been coming after slow decline

That point was made to former director of professional football Domenico Teti, who left days after Victor Pereira's sacking, but he signed off on the signings.

Pereira was unhappy at how slowly business got done and felt he did not get his first-choice players - to the point where he regretted staying and signing a new contract - but they were still players he approved.

At the time Wolves felt there was value in the European market - Ladislav Krejci's loan from Girona has been their best business - but David Moller Wolfe, Tolu Arokodare and Jackson Tchatchoua arrived for a combined £45m with minimal impact.

There was certainly no expectation Wolves would tank this season because of the transfer business, but sources say the lesson has been learned and there is a sense of relief for a clean slate and a desire to avoid making the same mistakes again.

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Wolves fans have made their feelings clear towards the club's owners

Comparisons with Leicester and Southampton

"You've sold the team - now sell the club," chanted fans at Molineux in October as frustrations reached boiling point.

Shi's interview with BBC WM in December, when he appeared to brush off relegation, did not land well with supporters, and the under-fire executive chairman left barely six weeks after Pereira was fired in November following two points from their opening 10 games.

Shi's departure after almost a decade removed a toxic focal point for the fans, but angst against Fosun remains.

Fosun remains committed to the club despite looking for investment into Fosun Sports Group, having held talks with former Crystal Palace co-owner John Textor in October.

There is an expectation the ownership will provide funds to give Wolves the best chance to return to the Premier League at the first attempt, but supporters will struggle to forgive their mis-steps.

Wolves have had six permanent managers since Nuno Espirito Santo left in 2021 - seven including Steve Davis' eight-game interim spell in 2022.

Fosun will mark 10 years of ownership in the summer and early success has given way to a slow decline.

Nuno took Wolves to promotion in 2018 and two successive seventh-place finishes, the Europa League quarter-finals and an FA Cup semi-final.

He left after finishing 13th and, despite a 10th place under Bruno Lage in 2022, Wolves have slowly slipped to 13th, 14th and then 16th last season.

Julen Lopetegui, Gary O'Neil and Pereira felt they did not get the backing they wanted, but there is more synergy between the new hierarchy of Nathan Shi - appointed as executive chairman in December - Matt Jackson, promoted to technical director, and Edwards.

Nathan Shi is said to be more willing to understand what the club need - and try to provide it - while there is a sense predecessor Jeff Shi would have been more resistant to change.

Comparisons can be drawn with Leicester and Southampton last season, Wolves initially shared that toxic cloud earlier this season which has, in the Foxes' case, failed to lift.

At times this season it has been difficult at Molineux - Pereira and Jorgen Strand Larsen arguing with fans after a last-gasp defeat by Burnley in October is one example - but Edwards restored some unity.

After joining from Middlesbrough in November, he lost his opening seven games but has slowly improved the squad, running stats are up, intensity improved and Edwards is popular among the squad.

He works well alongside assistant Harry Watling, the pair dovetailing well with a good blend of support and strong words to the squad.

The win over Aston Villa in February provided the moment where the bond with supporters could stick, Edwards sprinting down the touchline after Rodrigo Gomes' stoppage-time clincher as fans went wild.

They had earlier chanted "1-0 to the Championship", signalling an acceptance of their fate - something which had happened internally a month earlier.

January's win over West Ham - after Wolves set a Premier League record with a 19-game winless start - gave a glimmer of hope, and draws against Everton and Newcastle aided that.

Yet it was acknowledged Wolves needed at least one win from those two games to maintain hopes of an improbable comeback, and defeat by Bournemouth at the end of January changed the tone.

It was the reason for the late business in the transfer window, with Strand Larsen leaving for Crystal Palace for £48m on deadline day and Angel Gomes and Adam Armstrong arriving with next season's Championship campaign in mind.

Wolves needed to start the rebuilding process early.

Relegation has been a long time coming.

So what now for Wolves and Edwards?

Financially Wolves are stable, despite relegation.

They made a £15.3m loss for the year 2024/25 when accounts were announced in March, only slightly up £14.3m of the previous year.

Much of that was down to transfers, with Wolves making a £117m profit on player sales including Matheus Cunha's £62.5m move to Manchester United and Rayan Ait-Nouri's deal worth £36m to Manchester City last summer.

Those assets are dwindling but departures are expected with the exits of midfielders Joao Gomes and Andre anticipated while 18-year-old Mateus Mane could also leave, with his future likely to become clear in the next few weeks.

The Portugal Under-21 international became one of the season's emerging stars and a rare bright spot after breaking through to the first team.

Matt Doherty is out of contract and Angel Gomes could return to Marseille, although Wolves have the option to make his loan permanent.

Internal talks over transfers are ongoing, while Edwards is expected to resurrect a move for Torino forward Che Adams having failed to land him in the winter window.

Wolves have five games left after poor defeats at West Ham and Leeds and need to finish strongly, especially for Edwards.

The club have a recent habit of ending seasons badly, which then impact the following campaign.

In 2021-22 one win in their final nine matches ensured a difficult start for Lage and he was replaced by Lopetegui by December.

Under Gary O'Neil they won one of their last 11 games in 2023-24 and he was gone before Christmas after winning just two of the opening 16 matches in 2024-25.

Edwards cannot afford to suffer the same fate, having endured a nightmare return to the Championship with Luton when ended with his exit and the Hatters suffering successive relegations.

Fans will have doubts - regardless of how he has improved the side - given Wolves have never got close to escaping the bottom three.

Edwards has stated Wolves cannot waste time in the transfer market given they know their fate early and cited his experience from Luton as why he knows how to deal with things this time.

Any delays or failures would naturally put pressure on the popular head coach and - as Wolves look to return at the first attempt - they need to get it right this time.