When Wolves avoided relegation from the Premier League on a gut-wrenching afternoon of high drama 11 months ago, Morgan took to the Molineux pitch and declared an intention that our club wouldn’t be in this position again. Almost a year on, his words have proved depressingly accurate.
Oh to be going to Wigan on the last day of the season needing to avoid defeat to secure a fourth successive season in the world’s richest football league.
We knew weeks ago that the game was up. Many thought relegation was odds-on back in November - and some Wolves watchers thought the game was up on that afternoon of surreal tension last May.
Morgan and Mick McCarthy delivered the dream - promotion in May 2009 after a wonderful Championship season. But, when Morgan needed to be decisive, he dithered. And hindsight would suggest he picked totally the wrong time to ditch McCarthy.
Results since Terry Connor took over have been some of the worst in Wolves’ history. Losing 5-1 at home to West Bromwich Albion was painful, but Morgan sacking McCarthy from his ski chalet set in motion an ever-increasing slide back towards the Football League that has been pitiful, shameful and hugely embarrassing.
After sacking McCarthy, Wolves declared: “This is not a job for a novice manager.” And, on the day they appointed Connor, Morgan clearly bridled at the suggestion that he had anything to be embarrassed about. But those of us who stand on the South Bank, and travel around the Premier League in gold and black, were embarrassed, and are embarrassed.
We stand and stare at the imposing new North Bank stand - and wonder where Morgan’s priorities lie, and how on earth Wolves are going to fill those thousands of new seats.
Morgan says he has spent £48m on 19 players to keep Wolves in the Premier League. But the reality is Wolves have not bought enough quality.
Could it be, with Swansea, Norwich and QPR joining the elite in August, that the board banked on the Premier League being weaker this season? If so, it was a gamble that spectacularly exploded in Molineux faces. And nearly half that £48m go on four players - Fletcher, Doyle, O'Hara and Johnson?
Quite apart from the very steady strides being made down the A41 at The Hawthorns, the performances of Brendan Rogers’ men at The Liberty Stadium and Paul Lambert’s team at Carrow Road that have really shown Wolves up.
Nobody can argue that Wolves do not have a solid financial base. But we have been left behind where it really matters - on the pitch. It feels like we are trapped in a tactical time warp.
If Stoke City are perceived as our Premier League benchmark, how many Wolves players would genuinely interest Potters boss Tony Pulis? Not many. Jarvis? Fletcher?
Many point to one of our rare victories this season, against Sunderland on 4 December, as the defining moment. It was only our fourth win of the season, against a team that had just appointed Martin O’Neill, and it bought McCarthy time.
But all it did ultimately was delay the inevitable. Prior to that Sunderland win, we had seen some appalling performances at Molineux - QPR and Swansea instantly spring to mind.
Wolves’ third season in the Premier League has been defined by an inability to defend. We have seemed tactically inept, with an obvious lack of concentration at key moments.
And, when the inevitable came, following the capitulation against the Albion that Morgan did not even attend, Wolves embarked on a farcical hunt for a new manager.
Hiding behind a cloak of confidentiality, Wolves refused to discuss the names of those men they wanted to replace McCarthy. But we are not daft - we know what happened. Alan Curbishley definitely and probably Walter Smith said no thanks, and there was the bizarre u-turn over Steve Bruce. And another name in the frame, Reading’s Brian McDermott, will now pass us on the way.
Wolves fans, certainly those of us who lived through the Bhatti Brothers regime in the 1980s, don’t want anyone to gamble with our club’s future. We’ve seen the problems that creates at Portsmouth and Glasgow Rangers.
Morgan points to the money that has been spent, but the reality is quantity will never beat quality. And there is a perception among fans that Wolves won’t pay the wages that attract authentic Premier League footballers.
When Wolves secured their first clean sheet in 31 games at Sunderland on 14 April, the back four was Kevin Foley, Christophe Berra, Richard Stearman and Stephen Ward - all stalwarts of the 2009 promotion campaign.
The rate of progress has been too slow, and Wolves have been found out.
We return to the Football League with a current squad containing 13 players who helped get us promoted. More depressingly, which of those 13 has universally enhanced their reputations? I’m struggling after Jarvis and Wayne Hennessey, although I will always argue that Karl Henry deserves huge credit - and it would have been great to see a fully-fit Michael Kightly over these last three seasons.
Henry features in the most divisive chapter of Wolves’ season - the handing over of the captain’s armband he wore with such pride to Johnson. That was the biggest clanger in a catastrophic season.
Against Man City in the game that sent us down, Henry was man of the match. He cares.
We have an honourable man at the helm in Terry Connor, but we don’t have a proper manager, and many Molineux hearts sink at the prospect of a journeyman boss with a briefcase full of P45s replacing McCarthy.
We desperately need something new. We need some hope, and we need some excitement. Wolves have gone stale.
Chief executive Jez Moxey finds himself, once again, in the eye of a Molineux storm, but for me the blame lies exclusively at the door of our chairman.
House builder Morgan built on the solid foundations provided by Sir Jack Hayward, and delivered our long-held dream of Premier League football. For that, I will forever be grateful to him.
But he didn’t spot the cracks at Molineux and now has to deal with the subsidence - and 25,000 utterly dejected Wolves fans who feel comprehensively let down.
