But the Wolves chief executive has now come to the conclusion, partly by looking at the fate of Black Country rivals West Brom, that serious funds must be spent if the club do secure a place in arguably the biggest domestic league in the world.
"If you look at West Brom, they've spent good money and they're currently bottom of the league. Maybe they're not paying enough to their players or getting the right quality in. Stoke have spent quite a bit of money, but probably not enough," Moxey told the Express and Star.
"Compare it to say Bolton, they're spending quite a bit more money than those two clubs. Look where they are in the table. While all these clubs have a fighting chance of staying up, if you draw up a table of the average over three years of where teams finish and then correlate that to their wage bill, they're going to be very well aligned.
"Having been there and spoken to people in the Premier League, it's fair to say money is the be-all and end-all. So you've got to be competitive."