Wolverhampton Wanderers’ chief executive Jez Moxey has reacted angrily to claims in the national press that manager Mick McCarthy has been given a £10 million war chest to strengthen the team in January as “complete and utter speculation.”

Moxey refuted the allegations after being angered at what he described as “sensationalistic” headlines in the tabloid media yesterday morning.

Although he had spoken with reporters about he and millionaire chairman Steve Morgan making funds available to McCarthy should he come up with a shopping list in the next transfer window, Moxey claims the figure quoted was plucked from thin air. He says the club and supporters would not be distracted by the report nor allow it to detract from the truth.

He said: “This is yet another case of a headline-grabbing tabloid report. Our position has always remained the same. If the manager feels we need to strengthen the team and the right player is available at the right price, and that player fits our recruitment policies, then we will consider it.

“However, there’s no big pot of money set aside for January transfers. It’s a case of business as usual and we won’t allow ourselves to be distracted from our very clear strategy by sensationalistic headlines. Our approach may not provide the tabloids with sexy headlines but we’re determined to maintain a steady and prudent course and we’re all very much on the ‘same page’.

“This approach has served us well so far and we’ve got no plans to change the strategy.”

In the reports it was claimed McCarthy would be given an eight-figure sum by the chairman who took over the club in July in a £30 ?million takeover. But Wolves have spent only £5?million in net terms, unearthing hidden gems among their young stars from non-League, lower-division sides and loan deals.

In yeterday’s reports, Moxey never mentioned a sum of money but said: “Prudence has been our watchword under Steve’s reign and we aim to continue in that vein for the time being. “But if, and when, Mick comes to us with proposals for reinforcements during the January window we will listen to him very intently.

“Mick judges the ability and the character of the individuals and we decide what should be the appropriate price. Clearly the possibility of joining the Premier League is extremely attractive and we have put ourselves in a good starting position.

“It us up to Mick what happens next in the transfer market but I am certain the board will do their very best to support him.”