“Financial,” “fair,” and “play” are the three terms that scare almost every elite team these days, and Wolves are the most recent team to run afoul of Premier League spending regulations.

Wolves have not simply placed the brakes on their transfer spending. With fewer than three weeks until their campaign begins at Manchester United on August 14, they have screeched into an emergency halt, leaving manager Julen Lopetegui uneasy and supporters antsy.

Lopetegui has expressed his “big disappointment” at Wolves’ lack of flexibility in the market, just as he did in May. The Spaniard told Guillem Balague’s Pure Football podcast: ‘We went to a plan B, trying to think about cost-effective players, but we can’t develop this strategy, too.

Though Wolves do not believe Lopetegui is about to walk away, this problem will not disappear and has the potential to disrupt the early weeks of the season. Lopetegui will continue to hold discussions with the hierarchy, led by chairman Jeff Shi, which the club hope will placate their Spanish coach. The alternatives – Lopetegui walks out or is hired by another club on the eve of the season – do not bear thinking about.

It is not only Lopetegui seeking clarity. Supporters will wonder why Wolves were able to submit a £20million bid for Bristol City midfielder Alex Scott on July 16. What would have happened had their offer been accepted? Would the 19-year-old have moved to Molineux or would those who control expenditure have blocked it?

Earlier this month, Italian champions Napoli made a £30m bid for Max Kilman. Why did Wolves hold out for £35m when they needed to balance the books? Mail Sport understands that if he is still at the club, Kilman will start the season as captain. In the end, the prospect of losing the 26-year-old was deemed worse than the financial pain his sale might have eased.

But Kilman is not the problem here. Though Wolves sold Ruben Neves, Nathan Collins, Conor Coady and Raul Jimenez for a total of about £90m, and also hope to move on Jonny Castro Otto, Daniel Podence and Rayan Ait-Nouri, their own missteps in the transfer market in the last three years have cost far more.

Fabio Silva, signed for £35m in 2020, has scored four goals in 62 games and spent last season on loan at Anderlecht and PSV Eindhoven.

Goncalo Guedes was loaned to Benfica six months after Wolves paid Valencia £28m for him. Midfielder Matheus Nunes cost even more – up to £42m from Sporting Lisbon – but has shown his potential only in flashes. Matheus Cunha set Wolves back £43m from Atletico Madrid but his balance sheet reads 20 appearances, two goals.

Then there is Nelson Semedo (£27.5m), Hwang Hee-chan (£14.6m), Ait-Nouri (£9.5m). It can make for rather uncomfortable reading for the decision-makers at Molineux.