Classy move from a classy owner....
Hayward frees Wolves
New owner agrees to inveset at least £30m in the club
Paul Doyle
Monday May 21, 2007
Guardian Unlimited
Sir Jack Hayward has agreed to "gift" Wolverhampton Wanderers to business Steve Morgan for a mere £10. As part of the deal, which should be formalised over the coming month, Morgan has agreed to invest £30m "for the benefit of the club".
Hayward bought Wolves for £2m in 1990 and has since then invested some £50m of his fortune into the club. He has been searching for someone to hand the club over to since 2003, but always insisted that his concern was not to make a financial killing on the deal but to ensure new life was breathed into the club. He has previously rejected takeover bids by, amongst others, Graeme Souness. "In Steve Morgan, Sir Jack feels he has finally found someone who not only has the best interests of the club at heat but also has the resources necessary to take over the responsibility for returning the club to its former greatness," read a club statement.
"It is intended that the new capital, over a period of time, will be used to help re-establish Wolves as a Premiership club. Although there is a significant amount of money there will not be an 'open cheque book' approach to signing players; instead the club will build on the current strategy of steadily and progressively developing a team of young, hungry and talented players."
Morgan made his fortune as the founder of house builder Redrow plc before selling a majority shareholding in 2000. He is chairman of a number of privately-owned companies including, Harrow Estates plc, one of the UK's contaminated land specialists. He came close to buying Liverpool in 2004, the club he has supported since childhood. "He fully understands the game, its importance to fans and its local community," contineud the Wolves' statement.
With a young, cheap squad, Wolves managed to finish fifth in the Championship this season before being beaten in the playoff semi-finals by local rivals West Brom. Their manager Mick McCarthy has been told his job is not in jeopardy despite the imminent takeover.