Wolves today scrapped plans to appoint a new chairman - leaving Sir Jack Hayward once more holding the rudder at Molineux.
The 83-year-old president and owner is once more at the forefront following the latest boardroom reshuffle which was announced today.
Another lifelong Wolves fan from the business community, John Bowater, has joined the board - but it is the confirmation of the Bahamas-based millionaire’s authority which will spark debate among fans.
Sir Jack had stepped back following Wolves’ promotion to the Premiership. But the shuffle follows the decision of Rick Hayward - the second of his sons to be chairman since he bought the club 16 years ago - to step down from the post at the dawn of the new season.
A new chairman had been expected, but Molineux bosses believe that because Sir Jack retains 100 per cent ownership, Wolves have no need. Instead the board of directors, who will report directly to Sir Jack, will jointly oversee the day to day running of the club.
Bowater, 57, is the latest local businessman to be recruited - he has an executive suite at Molineux but will not be investing in the club. He is currently group finance director at construction firm Aggregate Industries and was a director of Ettingshall-based Tarmac Limited until 2004.
Wolves’Êboard of directors now consists of Bowater, John Threlfall, Peter Gough and Jez Moxey.
Chief executive Moxey said he believed the appointment was an important part of the club’s financial restructuring. “The board consists of fans who understand what the club means to the city,” Moxey said.
Bowater’s appointment ends the search for new board members. Sir Jack had wanted someone with a working knowledge of football and approached former Molineux boss Graham Taylor, but now appears to have opted for business acumen and local knowledge instead.
The announcement also ends speculation that Wolves were to be subject to a multi-million pound takeover.
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