Wolverhampton Wanderers was sold this afternoon – for a tenner.
See also: All our Wolves takeover coverage
Sir Jack Hayward handed over the club to multi-millionaire British businessman Steve Morgan.
Sir Jack wrote off a £50m investment in the club to pass on the 100 per cent share-holding to the 54-year-old new owner.
He has received a token £10 for the club and in return Morgan – who founded house builder Redrow – has set aside a £30m kitty to further develop a Wolves team which just missed out on the Championship play-off final this season.
The news was delivered at Molineux today by chief executive Jez Moxey who also confirmed that there would be no change in his role while manager Mick McCarthy also has also been given the full backing of the new owner.
Wolves are stressing that Morgan’s involvement will not bring back the heavy spending days of the 1990’s and that the club would continue to progress on the kind of strategies introduced this season.
But Wolves fans will be looking forward to an even stronger challenge for promotion next season now that greater spending power is at their disposal.
Morgan, who was recently rated at 137 on the British rich list, has accumulated a personal fortune in excess of £300m and three years ago came close to buying the club he has supported since his youth, Liverpool. But he switched his attention to Wolves in the wake of Sir Jack’s confirming his intention to sell shortly before Christmas.
Wolves chief executive Jez Moxey told a packed press conference: “There are questions that Steve Morgan alone can and will answer but I think Wolves fans should have no worries about his commitment and passion to the club.”
Board member John Gough said he was confident Mr Morgan was the right man. He said: “It’s fantastic news and I’m absolutely sure we have got the right man and so is the whole board. It’s a very united board.
“Mr Morgan is a football enthusiast and he will be a great asset to Wolves. He will be very good for our club and continue with Sir Jack’s legacy which is very important.”
The deal is expected to be completed in early June when Morgan intends outlining his plans for Wolves. But in the official statement today the club cautioned fans not to expect “an open cheque book” spending policy.
The statement read: “It is intended that the new capital over a period of time will be used to help establish Wolves as a Premiership club. Although this is a significant amount of money there will not be any 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.”
The news ends Sir Jack’s 17 year stewardship and completes his pledge to hand over Wolves for nothing in return for a promise of future investment from the next owners. Neither Sir Jack or Morgan were at Molineux today.
by Martin Swain
39 Comments
Just heard the fantastic news that Wolves has been sold to Steve Morgan for £10 with an agreement for £30 million to be invested in the club.
I want to pay tribute to Sir Jack Hayward, not only for the years and devotion he has given his beloved club over the years but also the way he has stuck to his guns and masterminded the passing on of the club. He has always had our best interests at heart and this has bourne through to the bitter end. Thank you Sir Jack – the keys to Wolverhampton should be given over right now!
An exciting era dawns in the history of our great club and I look forward to the days when once again we are up where we belong. Super Mick and Steve Morgan – the men to take us to the land of dreams!!!
Up the Wolves
He’s been ripped off if he paid £10.
Mr g, i bet ur not worth a tenner!!
sold ya club for a “pie and a pint” LOL
Wolverhampton Wanderers sold this afternoon – for a tenner.
Way to much for a second rate club.
Typical from Sandwell Town!!! You’ve missed the point…..£35 million of investment. Eat your heart out if you loose on Monday, hope so!
£10 its cost me twice that for the coach to wembeley boing boing
I think the above comment is a tad harsh, i think a tenner is a bargain! :o)
Good look to the Wolves, and im sure next season they’ll wave at the baggies on there way up as the baggies come down - boing boing - again! And no im not a wolves fan or a baggies fan either!!!
To all the other teams in the championship……..be afraid , be very afraid nxt season will be the season of the Wolf!!!!!
Great news ! But it seems that Albion fans have got nothing better to do than read all about the Wolves !
Expect more of the same my friends, now worry about your own club, grow up and find yourselves a life.
Cum on me babbiz !!!
£9.99 too much if you ask me
a pie and a pint is too much too
Albion for the premiership
BOING!!! BOING!!!
good luck to steve morgan i hope does hes better than the haywards i will allways remember the haywards for ruling the wolves with there hearts instead of there heads
I think this is the time to say a big thankyou to Sir Jack he did WOLVES proud
thankyou sir jack you are a true gent may all the real fans wish you well
Isn’t jealousy ugly…the baggies can have their fun now but everyone in football knows what will happen. The Wolves have a long and proud history and this will continue under Steve Morgan as for the Baggies??? well enough said…how many titles, FA cups need i go on
Great to hear that finally the take over is coming to a conclusion.But it must be wise to remember the past when Wolves have had money to spend it has been wasted.In my view there should not be a push by the fans to spend, spend, spend, if it can be wisely spent over time the better.We need to keep on attracting the young hungry players not necessarily costing millions to the club,this season shows what can be done.
PS to the Albion fans who have commented,get a life & worry about your own lot, getting a bit to cocky lately.
Steve how much is McCarthy going to see of this 30M I hope 5M at least for transfers, and as for you tesco fans up the rams coz there going to ram you!
I welcome the purchase of the club by Steve Morgan but just dont see how Jez Moxey’s continued involvement with Wolves is going to help us. Jez has been at the club for 9 years? and in that time has brought very little to the club.I would have thought that with a new owner taking over it would be an ideal opportunity to get rid of him,start afresh and get somebody with new ideas in
great news just hope that we dont get carried away and just progress at the pace and plans we started with last season and all should be fine……?as a ticket holder in the north bank i would just like to say last season was 1 of the best ive seen for years.with the passon and pride to wear the gold and black it made me proud even when we lost to southampton…,
good luck steve morgan new lets get this club up so we can play all the midlands clubs in the prem. i no i am a wolves fan but good look west brom. i hope u stop up so we can play u up there in the prem.
Come on Derby - bout time a 3rd place team won!!!
As for Wolves, 30million quid for investment…hope it isnt wasted. Hope the bookies aint put the mockers on us going up next season with odds of 2-1.
albion will be kicking there selves when there bubble bursts on monday boing bang.
worst thing is its now mon p.m and ya aint sold ya wembley alocation tut tut tut . anyway a big thanks to sir jack for everything hes done ,
Typical Baggie response - spelling and grammatical errors! Derby for the Premiership!
I have to laugh at all these baggies fans getting their jabs in while they can. It will all be very different 12 months from now. Watch out Liverpool, Morgan is about to bite back as a Wolf!
Good luck to the Mr Morgan and the new Wolves. I hope we can continue with the clubs new philosophy of blooding emerging enthusiastic talent and bringing back the feel good factor to the Molineux. Thank you Sir Jack for your passion in the club and care in finding a new custodian for the club.
To the jealous Wet Bum fans enjoy Wembley and try not to be too confident you may just get your words rammed back down your throats.
Rob Hindmarch is god
A great end to a great season, Thanks Sir Jack and good luck to Steve morgan.
A 30 million pound investment into the club ! suberb.
The futures bright …the futures old gold
sheer brilliance, that comment baggie mike. endorsing the half wit you are! ha ha
The Buy is great news.
COME ON YOU WOLVES
Baggies fans won’t have a clue where wemberley is ? I’M A RAM A LAM A DING DONG FOR THIS WEEKEND ONLY !! Newsflash to tesco fans SELL SELL SELL. Sir Jack should be sold the keys ( freedom of Wolverhampton ) for this tenner, listen out councillors this is a PUBLICITY Dream don’t miss this one opportunity. YOU WON’T GET ANOTHER.
@ lloyd m - obvious that your are an albion fan, you can’t even spell the place where you are going!! £30 million kitty is good news all round for the wolves.
looks to be good news new man to add some quality to a young and upcoming squad not as though the sandwell town fans would know much about a owner with money and a young squad come on derby keep the old men where they belong and we will see whos better off next season
all hail mick
Keep looking over your shoulders Sandwell,there is a big large Gold and Black cloud ready to swallow you up.
I hope you go up because it could be embarrasing for you next season living in our shadow.
Sir Jack, as always you were true to your word and we trust your judgement.
Today Wolves long term future was secured.
Albion end of term report is awaiting Monday’s outcome with Mr Poll in charge and miserable Mowbray on the touchline the best of luck!
Just been on your site bAGGIE mIKE glad the handling of ticket sales is going so smoothly. Got yours yet?
Another great story in the chapter of Wolverhampton Wanderers. Too bad the baggies don’t get it! Thanks Sir Jack!
kevin leave off the haywards we wouldnt have a club if it wasnt for them
Just shows the brains of the Tesco bags.
in real terms its..30,000000.plus the tenner of course..but the Tescos would never understand the wording of contracts unless it was the JSA they were signing every 2 weeks…
The future is bright..the future is GOLD.
Well done Jez and Sir Jack.
Kiwi..
typical of sandwell town a small club jealouus of wolves he has got a personal fortune of 400 million more money then jack hayward. sandwell owners is carpet fitters
Hehe, the vital ingredient of the Wolves fans is back at last after a brief exile.
Arrogance has been there all season, now we have expectation back in the mix!
06/07 Albion beat them 4 times, put 10 goals past them and still the dogs think it’s a good season!
Arrogance is assuming that the success of a team’s season depends on the results against just one other club.
We have made great progress this season, in our performances, results and support, to the extent that the performances of some other club do not bother us at all.
We’re the Wolves, we’re the Wolves, we’re the Wolves!
Got 3 tickets
You had the same problems for a little FA cup game if I recall you couldnt even manage that