Julen Lopetegui has left Wolves three days before the start of the Premier League after agreeing a seven-figure compensation package with the Molineux club.
The Spaniard, who is set to be replaced by Gary O’Neil, had two years to run on a lucrative contract that made him the highest-paid manager in the club’s history. Lopetegui kept Wolves up last season after joining in November when they were bottom of the table, but relations have soured since then due to disagreements over transfer policy.
O’Neil led Bournemouth to a comfortable survival last season after replacing Scott Parker early in the campaign, yet – to the surprise of many – he was moved on in June in favour of Spanish coach Andoni Iraola.
In preparation for Lopetegui’s potential departure, Wolves had been considering possible successors for some time and O’Neil topped the list.
Wolves would not have to pay compensation for O’Neil and he would cost substantially less than Lopetegui, who was the highest-paid manager in the club’s history. O’Neil, 40, was expected to sign a three-year deal.
Julen Loptegui departed Wolves on Tuesday night after discussions with the club
Gary O’Neil was moved on at Bournemouth despite a strong season in charge and tops Wolves’ list of potential successors to Lopetegui
Wolves chairman Jeff Shi wrote an open letter explaining the club’s need to meet FFP regulations
Lopetegui’s son Daniel, who had forged a strong rapport with sporting director Matt Hobbs, will also depart along with Lopetegui’s assistants Pablo Sanz, Juan Peinado and Edu Rubio, and fitness coaches Oscar Caro and Borja Alonso.
Lopetegui did not lead first-team training, which took place late on Tuesday afternoon, as his representatives finalised the terms of his exit.
Wolves chairman Jeff Shi wrote an open letter on the club website last week, explaining the need to meet Financial Fair Play requirements.
Shi wrote: ‘As the owners and management of the club, one important thing we must learn and follow is the Premier League’s rules on profit and sustainability (formerly called financial fair play or abbreviated to FFP). Before the end of 2023/24 season there will be an annual test and we are going to make sure we pass it, as we have done in the last five seasons.’
To hit that target, Wolves have recouped £91million in player sales this summer, including the £47m departure of captain Ruben Neves to Saudi Pro League club Al-Hilal.
They have added only defender Matt Doherty and goalkeeper Tom King on free transfers, leading to Lopetegui’s anger.
Wolves counter that they backed Lopetegui heavily last January, sanctioning deals worth up to £77m, after also committing more than £120m in fees 12 months ago.
Some of the money spent in January had been originally set aside for the summer but Wolves decided to use it early to give themselves a better chance of survival.
Despite keeping the Molineux club up last season, relations soured over a disagreement in transfer policy
Wolves received £47million from Al-Hilal after selling star midfielder Ruben Neves
Matt Doherty is one of only two summer signings at Molineux, having returned on a free
