Wolves were relegated from the First Division at the end of the 1981–82 season and went into receivership as financial difficulties following construction of the new John Ireland stand caught up with them.

They came close to liquidation but were saved at the eleventh hour by a consortium fronted by former player Derek Dougan.

[1] Dougan sacked manager Ian Greaves and replaced him with former Wolves teammate Graham Hawkins.

[3] Indeed, three teenagers – Dave Wintersgill, Billy Livingstone and Paul Butler – made their debuts against Blackburn Rovers on the opening day of the new season.

Promotion was secured by a 3–3 draw at Charlton Athletic on 2 May, despite Wolves struggling for form in the latter half of the campaign and eventually finishing 10 points behind champions Queens Park Rangers.