Wolves first began life as a schoolboy team when the headmaster of St. Luke's school in Blakenhall, Harry Barcroft, presented a football to a group of pupils who had enjoyed an exceptional year's school work. The presentation of the football was instigated by the co-founders of the team, John Baynton and Jack Brodie.

St Luke's FC were formed in 1877 and, two years later, after merging with the local cricket and football club known as The Wanderers, they became known as Wolverhampton Wanderers. The club used two fields - Windmill Field and John Harper's Field - both off Lower Villiers Street in Blakenhall in its formative years, before moving to a site on the Dudley Road opposite the Fighting Cocks Inn in 1881. The only shelter for spectators was a shed. Eight years later, the club moved to a new ground which is still their home today - Molineux.

Wolves became founder members of the Football League in 1888, and they reached their first FA Cup Final a year later when Preston North End triumphed by 3-0. However, success wasn't far away and it was tasted for the first time when Everton were beaten 1-0 at Fallowfield in the 1893 Final. Three years later they reached their third final - this time losing out to Sheffield Wednesday by 2-1.

The club slipped into the Second Division in 1906, and in 1908 they defied all the odds to beat hot favourites Newcastle United by 3-1 in the FA Cup Final at Crystal Palace. The struggle to regain their place in the First Division continued either side of the Great War - but the nearest thing to success came in 1921 in the shape of another FA Cup Final. But Spurs won the game with a single goal at Chelsea's Stamford Bridge home. Two years later disaster struck when relegation to the Third Division (north) followed an awful season. However, 12 months on, the team bounced back as Champions and, under the guidance of Major Frank Buckley, they finally made it back to the top division after winning Division Two in 1932.

In the two seasons leading up to the outbreak of the Second World War, Wolves finished as runners-up in Division One and, in 1939, they also missed out on the FA Cup going down 4-1 to unfancied Portsmouth in the Final. Stan Cullis finished his playing days after the war and he became manager of the club in 1948. He was to lead Wolves to their greatest days. After capturing the FA Cup in 1949 when Leicester City were beaten 3-1 at Wembley, Wolves enjoyed three Championship successes in the fifties.

They won the League in 1953/54, 1957/58 and 1958/59. Wolves returned to Wembley in 1960 to lift the FA Cup again, Blackburn Rovers being the victims this time, and just a point prevented them from winning a third successive Championship, and the double.

During those heady days of the 50s, the famous floodlit friendlies took place when some of the great Continental teams of the time, like Moscow Spartak, Moscow Dynamo, Honved and Real Madrid, all came to Molineux and were beaten. These games led to the development of proper European competition.

In 1964 Wolves controversially ended their association with Stan Cullis. The team slipped into the Second Division for two seasons before returning to the top flight under the guidance of Ronnie Allen. He was replaced by Bill McGarry who led the team to the UEFA Cup Final against Spurs in 1972, and a League Cup Final victory over Manchester City in 1974. A season in the Second Division in 1976/77, was followed by more glory as the team returned to the First Division as Champions. In March, 1980, John Barnwell took Wolves back to Wembley where they beat Nottingham Forest in the League Cup Final. But, instead of building on the success, a dark shadow was cast over the club.

Wanderers were relegated again, in 1982, and a new regime headed by the infamous Bhatti brothers took charge. Though Wolves were promoted in 1983, there was obviously much wrong with the club and there was a dramatic collapse which led to successive relegations to the Second, Third and Fourth Divisions. Support had dwindled dramatically and Wolverhampton Wanderers were teetering on the brink of extinction.

A change of ownership in 1986 saw a turn around in the club's fortunes. Wolves were saved from extinction by a deal involving the council, Asda Supermarkets and the builders Gallaghers. After narrowly missing promotion in their first ever season in the League's basement, Wolves won the Fourth Division Championship in 1987/88 and also made a winning return to Wembley where they overcame Burnley in the Sherpa Van Trophy. The following season, they clinched the Third Division title.

In May, 1990, Sir Jack Hayward purchased the club from Gallagher Estates, and he paid an estimated £20 million to redevelop the decaying Molineux Stadium transforming it into one of the most modern in the country. Despite several more of Sir Jack's millions going towards the financing of new players, the wait for the return of top flight soccer proved to be a long one.

The nearest Wolves came to a place in the Premiership during the nineties came in 1994/95 when they lost to Bolton Wanderers in a play-off semi-final, and in 1996/97, when Crystal Palace ended promotion dreams, also in a play-off semi-final. The same disappointment occurred in 2001/02 when Norwich came out on top also at the semi-final stage.

But the dream was finally realised in May, 2003, at The Millennium Stadium when three first-half goals proved to be enough to see off the challenge of Sheffield United in the First Division play-off final. A little over six months later, Sir Jack Hayward decided to retire from his role of club chairman handing over the reins to his son Rick.

Sadly the return to the top-flight was short-lived and Wolves were relegated back to Division One in May 2004.

After 17 years at the helm, Sir Jack 'sold' Wolves to Cheshire businessman Steve Morgan in the summer of 2007. The asking price was just £10 but key to the deal was that Morgan had to commit to invest at least £30mil into the club.

IN A NUTSHELL - A POTTED HISTORY OF WOLVES

1877 - Club formed as St Luke's FC.

1879 - Amalgamated with The Wanderers Football and Cricket Club to form Wolverhampton Wanderers FC.

1883 - Entered the FA Cup for the first time.

1888 - Became a founder member of the Football League and reached the FA Cup Final losing to Preston North End by 3-0 at The Oval.

1889 - Moved from Dudley Road ground to Molineux.

1893 - Won the FA Cup defeating Everton 1-0 in the only Final played at Fallowfield, Manchester.

1896 - FA Cup finalists once more going down 2-1 to Sheffield Wednesday at Crystal Palace.

1906 - Relegated from the First Division.

1908 - Cause a major upset by beating hot favourites Newcastle United by 3-1 in the FA Cup Final at Crystal Palace.

1921 - Another FA Cup Final appearance, against Tottenham Hotspur who triumphed by 1-0 at Stamford Bridge.

1923 - Relegated from the Second Division.

1924 - Promoted after finishing as Champions of the Third Division (north).

1932 - Back into the First Division following a 26 year absence after finishing as Champions of the Second Division.

1939 - Finished as FA Cup runners-up after a shock 4-1 defeat at the hands of Portmouth in the Final at Wembley and, for the second year running, finished as First Division runners-up.

1942 - Won the Wartime League Cup (north) defeating Sunderland 6-3 on aggregate over two legs.

1949 - Beat Leicester City 3-1 in the FA Cup Final at Wembley.

1954 - Lifted the League Championship for the first time.

1954 - Beat the mighty Honved 3-2 in one of the most talked about friendlies ever.

1958 - Won League Championship with the second, third and fourth teams also winning their respective leagues. The youth team also won the FA Youth Cup beating Chelsea 6-1 in the second leg of the Final after trailing 5-1 from the first leg.

1959 - Won League Championship again.

1960 - Won the FA Cup beating Blackburn Rovers 3-0 in the Final at Wembley. Failed, by one point, to achieve the 'double' after finishing as League runners-up to Burnley.

1965 - Relegated to the Second Division.

1967 - Promoted to the First Division after finishing runners-up in Division Two.

1971 - Won the Texaco Cup beating Hearts 3-2 on aggregate in the Final.

1972 - Lost 3-2 on aggregate to Tottenham Hotspur in the UEFA Cup Final.

1973 - Losing semi-finalists in both the FA Cup and the League Cup.

1974 - Beat Manchester City 2-1 at Wembley to win the League Cup for the first time.

1976 - Relegated to the Second Division.

1977 - Immediate return to the top flight after finishing as Second Division Champions.

1979 - Created British transfer records by selling Steve Daley to Manchester City for £1.437 million, and buying Andy Gray from Aston Villa for £1.469 million.

1980 - Andy Gray scores the only goal of the League Cup Final against Nottingham Forest at Wembley.

1982 - Relegated to the Second Division and declared bankrupt.

1983 - Under new owners promoted as runners-up of the Second Division to Queens Park Rangers.

1984 - Relegated to the Second Division.

1985 - Relegated to the Third Division.

1986 - Relegated to the Fourth Division for the first time, and declared bankrupt once more.

1987 - Club saved and miss out on promotion losing to Aldershot in the play-offs.

1988 - Promoted as Fourth Division Champions and won Sherpa Van Trophy.

1989 - Promoted as Third Division Champions. For the second successive season Steve Bull hits 50 goals.

1990 - Sir Jack Hayward buys the club.

1993 - The rebuilding of the 'new' Molineux is completed in December.

1995 - Lost to Bolton Wanderers in the play-off semi-final.

1997 - Lost to Crystal Palace in the play-off semi-final.

1998 - Manager Mark McGhee replaced by his assistant Colin Lee.

1999 - Robbie Keane becomes the most expensive teenager in Britain when he joins Coventry for a club record fee received of £6 million. Later Ade Akinbiyi becomes Wolves' most expensive signing, at £3.5 million from Bristol City.

2000 - Colin Lee sacked.

2001 - Dave Jones appointed.

2002 - Wolves, having been in the top two spots for most of the season, slip to third at the end, and then lose out in the play-off semi-final to Norwich. The pain is exacerbated by the fact that local rivals West Bromwich clinch the second automatic promotion place and Birmingham win the play-off final.

2003 - After 19 years out of the top flight Wolves finally earn a place in the Premier League following a 3-0 play-off triumph over Sheffield United at The Millennium Stadium. His dream realised, Sir Jack handed over the chairmanship of the club to his son Rick shortly before the turn of the year.

2004 - After just one season back with English football's elite, Wolves were relegated back to Division One. In November, Dave Jones was dismissed as manager and, the following month, Glenn Hoddle was installed as the new man at the helm.

2006 - Mick McCarthy replaces Hoddle whoresigned as manager in the summer of 2006.

2007 - Cheshire businessman Steve Morgan buys Wolves for £10 plus a commitment to invest £30mil in the club.