"It's no secret that the board and Glenn are disappointed with the team's failure," chief executive Jez Moxey said. "That said, Glenn is a proven manager and the board feels confident that he has the skills needed to rebuild the squad over the coming season."
Wolves was relegated from the Premier League in 2004. Next season will be its first without the so-called parachute payments -- money paid for a maximum two years to reduce the impact of demotion from the lucrative top division.
"Glenn accepts this and is now looking at how best to shape his squad with the money available," Moxey said.
Moxey added that the club will assess which of its out-of-contract players will receive an offer.
Players such as defender Joleon Lescott -- whom British papers have linked with a ?4 million (5.77 million euros) transfer to the Premier League -- may be sold.
RSS