O’Neil was well liked and had the loyalty of the players, but the decision-makers saw no alternative. This season’s run of 11 defeats in their opening 16 games continued a worrying trend from the end of the previous campaign.
And O’Neil had already been to the brink once. Sources told BBC Sport there was an acceptance from O’Neil’s team that failure to beat Southampton on 9 November could have been terminal. A 2-0 win and a surprise 4-1 win at Fulham in the same month was a stay of execution.
In the end, a calamitous 4-2 home loss to Bournemouth, in which they conceded three penalties, and the hammering at Everton meant a change became almost inevitable.
O’Neil leaves Wolves with only two wins and with a game against Leicester City to come before Christmas.
The loyalty shown by Shi and sporting director Matt Hobbs will be questioned, but Wolves have been here before, replacing Bruno Lage with Julen Lopetegui when they were also second bottom two years ago. They know a mid-season change can pay off even if there is little money to spend this time.
After the defeat by West Ham O’Neil bemoaned losing “£200m of talent” with barely veiled criticism of the ownership.
O’Neil had been working within those limitations. Only last month he spoke about the club still trying to adjust as they adapt to new financial realities, this despite banking almost £100m from selling Max Kilman and Pedro Neto, adding to the £100m raised by the exits of Ruben Neves and Matheus Nunes in 2023.
“We are still trying to stabilise. After that comes the progression. Discussions around the progression of the club will come later on,” O’Neil said.
The requirement to stay within the boundaries of the Premier League’s profit and sustainability rules (PSR) meant Wolves sold prized assets, with Neves and Nunes departing last year.
The days of successive seventh-placed finishes and a Europa League quarter-final spot after promotion under Nuno Espirito Santo are gone. Instead, they face a battle for survival without the ability to spend £30-40m on a player.
Wolves are working to find their new identity, a process O’Neil may argue he has fallen victim to.