Jez Moxey, the Wolverhampton Wanders chief executive, said yesterday that the club would not "self destruct" after being relegated from the Premier League and that there will not be a fire sale of Wolves' leading players, as the club have no financial problems.
The strikers Steven Fletcher and Kevin Doyle and the winger Matt Jarvis are likely to attract bids from other clubs. Moxey said: "We need to address the managerial position at the end of the season and then, once that's resolved, address the playing situation.
"What is for certain is that some players will go and some will be signed but we want to try to keep our best players. We're under no financial pressure to sell, but we also understand the realities of football.
"Relegation does mean a significant drop in revenue and no one is enjoying that situation. It can be brutal and it will be painful and we have to be strong enough to deal with it. But it won't be fatal as it has been for other relegated clubs. The club is in a financially robust state and we don't have a pound's worth of debt. Being relegated will not mean the club will self-destruct."
Terry Connor has been manager on an interim basis since Mick McCarthy was sacked in February. Connor has failed to win during his 10 games in charge but Moxey can see no reason why Connor cannot apply for the job on a permanent basis.
He said: "We will address the situation once the season has finished and will not be publicly drawn on the managerial position until then. Could Terry apply for the job? I can't see why not. He's our manager, he's Wolves through and through and he's managed the team through an extremely difficult period."
Connor, asked if he would have done anything different, said: "I don't think so. I've been very honest in what I've tried to do with the players and the club. Things could have gone better, of course they could, but I can't reproach myself for anything I've done over the last 10 games. The reason we have failed is over the course of the 35 games."
Connor has been with the club for 13 years. He said: "I will sit down with the club at the end of the season – that will be the appropriate time, as the club will want to set its path for years to come."
The winger Michael Kightly said: "The Championship is a tough league but if we can keep the main part of the squad together, I don't see why we can't bounce straight back up. It's in our favour that a lot of guys have played in the Championship. We've been there, done it before, so hopefully that will give us a good chance."