Wolves chief executive Jez Moxey this afternoon vowed to invest in players quickly from the £24m sales of Steven Fletcher and Matt Jarvis after admitting the team was "exposed".

Fletcher completed his £14m deal to Sunderland today while Jarvis was unveiled as West Ham's £10m-plus record buy, on a five-year contract with a further year's option.

Wolves boss Stale Solbakken is also closing in on at one least winger after capturing Austria Vienna centre-back Georg Margreitter today for around £2m on a four-year contract.

"We will invest the money back into the team," said Moxey this afternoon. "We've got a number of other players in the pipeline which we're hoping to complete. We're a little exposed because we've sold two of our best players so we have others to bring in."

Wolves rejected a dozen offers for wantaway duo Fletcher and Jarvis, it emerged today.

Fletcher became the second most expensive player to be transferred from the Championship to the Premier League after Darren Bent left Charlton for Tottenham for £16.5m in 2007, while West Ham paid a club record fee for Jarvis.

But it has emerged that Wolves turned down at least 12 bids for the pair over the last seven weeks – despite Sunderland and West Ham being considered as the only serious bidders.

Ultimately, Wolves insist they were left with no choice but to cash in after both players made it clear they were determined to leave.

Moxey said: "I think it shows how genuine we were about keeping them, but, as ever, money talks. From a footballing standpoint, we couldn't let it go, and ultimately, we had to sell them."