Hayward sells Wolves to tycoon

A statement on the club's website said the sale of the club was expected to go through in early June, with Hayward having agreed to sell up all shares for £10 in total on the condition Morgan invests £30million in Wolves.

A statement from the club read: "In keeping his promise to supporters to step aside for the right person, Sir Jack (Hayward) has taken the unprecedented step of 'gifting' the shares of Wolverhampton Wanderers (1990) Ltd, the club's holding company, to Carden Leisure for £10 in return for a £30million investment into the club."

The statement continued: "All of the £30m will be used for the benefit of Wolves. Sir Jack is making this gift for the benefit of the club and in order to secure the future of the club on a long-term basis.

"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 this 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.

"Having been impressed by what he's seen of the club to date, Steve Morgan is keen to ensure stability and continuity by retaining Mick McCarthy as first team manager and Jez Moxey as chief executive.

"Sir Jack purchased Wolves in 1990 for £2m and has invested £50m of his personal wealth into the club. He announced his intention to step aside in September 2003. Since then a number of parties have expressed interest but, in Steve Morgan, Sir Jacks feels he has finally found someone who not only has the best interests of the club at heart but also has the resources necessary to take over the responsibility for returning the club to its former greatness.

"In recognition of his unique commitment to Wolves and to ensure his experience is not lost, Sir Jack will remain life president and be available to the club to provide whatever support they require.

"Sir Jack's grandson Rupert Hayward, a lifelong Wolves fan, will join the board which will also consist of Steve Morgan (chairman); Jez Moxey (chief executive); and local businessmen and Wolves fans John Bowater; John Gough and Kevin Threlfall who joined the board at the beginning of last season."

Manager Mick McCarthy has been assured his job is safe while Jez Moxey will continue as chief executive of the club.