"We're very, very sorry to see him go," Moxey told the club's official website.
"Many people said eyebrows were raised. Well, as the eyebrows were raised, my heart sank when the deal was finally done because we didn't want Mark to go."
Moxey Still Smarting At Davies Exit
The highly-rated 20-year-old mifielder left Molineux for The Reebok much to the disappointment of Wolves' chief executive.