"He played his part," current Shrewsbury Town manager Turner told BBC Radio Shropshire.
"He and Jack Harris went in at that time when the club was in a desperate situation, they did a great job in resurrecting the club."
Homden was chairman at Molineux between 1986 and 1988 and he was part of the consortium with Harris and the Gallagher Estates brothers which saved Wolves when they fell into receivership for the second time.
He was also responsible for the appointment of Turner as manager who led the club to promotion from the Fourth to Third Division under his tenure.
Recalling being offered the Wolves job, Turner, said: "I declined to see him and Jack Harris because I felt they already had a manager in place (Brian Little). But they assured me he'd only been put in charge temporarily as caretaker manager.
Turner took over from Paul Simpson as manager at Shrewsbury"It was a club I supported as a boy and it didn't take me long to accept. The three of us together were new to the jobs there and we brought some success to the club."
The Shrews boss also revealed he tried to get Homden to join the board at Hereford United during his own spell as chairman at Edgar Street.
Listen to a special interview with Graham Turner paying tribute to former Wolves chairman Dick Homden on BBC Radio Shropshire's Extra Time Sports Show on 96 FM on Tuesday night from 1900 GMT.
Source: BBC Sport
Source: BBC Sport