President: Sir Jack Hayward OBE.

Directors: Dick Homden (chairman, appointed director 19 August 1986), Jack Harris (appointed 19 August 1986), Keith Pearson (Secretary & Accountant), Christopher Alexander (resigned 14 August 1986).

Managers: Sammy Chapman (to 15 August), Brian Little (caretaker), Graham Turner (from 7 October).
Coaches: Geoff Palmer & Gary Pendrey.
Captains: Floyd Streete, Peter Zelem, Barry Powell, Ally Robertson.

Playing Staff: David Barnes, Scott Barrett, Vince Bartram, Nicholas Birch, Martyn Briggs, Chris Brindley, Steve Bull, David Butler, Russell Caldicott, Matthew Carroll, Brian Caswell, Anthony Clarke, Nicky Clarke, Jason Colbourne, Robbie Dennison, Stewart Derbyshire, Paul Dougherty, Chris Dowen, Ian Duncan, Carl Dwyer, Dean Edwards, Neil Edwards, Roger Eli, Stuart Evans, Paul Fairclough, Neville Fennell, Mark Fletcher, Tim Flowers, Matt Forman, Ian Gasper, Paul Grainger, Tony Haddon, Ian Handysides, Neil Harrison, Darrell Haytree, Matt Hellin, David Heywood, Micky Holmes, John James, Carl Jenkins, Robert Kelly, Mark Kendall, Lee Keough, Ashley Lander, Stuart Leeding, Neil Lewis, Keith Lockhart, Andy Mutch, Eric Nixon, Darren Oldroyd, Nicholas O’Neill, Steve Owen, Geoff Palmer, Barry Powell, Jon Purdie, David Reid, Ally Robertson, Derek Ryan, Kris Sleeuwenoek, David Smith, Mark Smith, Steve Stoutt, Floyd Streete, Paul Tesh, Andy Thompson, Russell Turley, Dave Weale, Peter Williams, Richard Wood, Richard Woolley, Peter Zelem.

Player of the Season: Steve Stoutt.

Club Finances: The club owe approximately £1,600,000 and call in the received for the second time in four years in May 1986. Wolves were given until the end of July to satisfy creditors by the High Court and on 31 July was extended to 23 August. On 15 August Jack Harris took over the running of the club and became chairman. Ex Birmingham City Vice Chairman Dick Homden joins the consortium. On the same day the Received sack manager Sammy Chapman, Secretary Keith Pearson and groundsman Bill Philbeam. Statement from the Receivers said that contracts had been signed with the council for the sale of the clubs properties and that the assets had been handed to midland constructors JJ Gallagher to develop a supermarket for ASDA an adjacent land owned by the council. (The Council bought the ground and the Gallagher paid of the debts). Directors are Dick Homden, Jack Harris and Keith Pearson. Sir Jack Hayward took on the club presidency. The decision brings to an end, the four-year reign of the Bhatti Brothers.