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Morgan – is he the right man?
Monday 21st May 2007, 10:00PM BST.
Steve Morgan is just the man to rebuild Wolves. As the founder of national housebuilder Redrow, Steve has a personal fortune of well over £400 million – and he’s a real football fan to boot.
He has since sold his company, based in Flintshire, but it has operations all over the country, including Redrow Homes (West Midlands) based at Redrow House, Coombswood Business Park, Steelpark Road, Halesowen.
Born in Garston, south Liverpool, he is best known in football circles for his ongoing, but failed, attempt to take a slice of Liverpool Football Club. In 2004 he gave the Merseyside outfit seven days to respond to his offer to inject £73 million into the club.
He said his cash injection would again place the club on a sound financial footing, helping to strengthen the playing squad and partly funding a proposed new stadium. But his efforts came to nothing.
Morgan, a lifelong Liverpool fan, is regarded as one of Britain’s most astute builders and property developers. He founded the construction company and housebuilder in 1974 and ran it until 2000 when it was floated on the London Stock Exchange. In the 1990s he invested in hotels, eventually merging his interests into De Vere Hotel Group.
In the process he amassed a fortune of several hundred million pounds from his business activities, and is a regular on the Sunday Times Rich List, where as long ago as 2006 he was ranked 153rd with an estimated fortune of £425 million.
Philip Beresford, compiler of the list, said: “he would be second only to Chelsea’s Roman Abramovich in terms of football club owners with ready cash. Mohamed al-Fayed at Fulham has his wealth tied up in Harrods, so he doesn’t have so much cash available to spend.”
He has certainly come a long, long way in the last 30 years. It was back in 1974, when he was aged just 21 that he borrowed £5,000 from his father to to buy his then employers, Wellington Civil Engineering, which was on the verge of going out of business.
That investment by the on-site engineer was the first step in a business career which peaked in the formation of housing giant Redrow. “All I knew for certain was that I had a passion for the construction industry, and was determined to make Redrow a success,” he recalled in a company history produced for employees.
He still owns a £50 million stake in the building firm, as well as retaining a £68 million holding in De Vere Hotels who, in 1999, bought his two major hotels (St David’s Park Hotel in North Wales and Carden Park Hotel near Chester), and is now a major shareholder in the hotel chain.
Mr Morgan lives in Jersey, but has invested some £8 million in renovating Carden Hall, a stately home near his former hotel.
He also likes to give something back to society, putting his money where his mouth is to encourage the next generation of entrepreneurs. He has unveiled Morgan foundation entrepreneur awards and donated £100,000 in cash prizes. And he set up the Morgan Foundation in 2000 to help the less privileged.
by Jim Walsh, Business editor
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Top man for a Top Club.
UP THE WOLVES
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Worth the wait..
This guy means business…
Well done Jez and Sir Jack…
What a pick up after last week…
Wolves will have the last laugh on all the Midlands clubs..
The future is bright…the future is GOLD…
Kiwi…
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by the sounds of it morgan could be what the club needs but we cant forget sir jack who help us to get where we are today one of the best football clubs in the country and in my eyes the world
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The part that caught my eye was that he’d be second only to Abramovich in terms of ready spending money!
Although it’s been said that he’s not going to start spending silly money, it’s nice to know now that West Broms Yo-yo’ing isn’t going to have them at too much of an advantage over Wolves in the money sense any more.
Good on Jack Hayward for finding the right man to take Wolves forward, hopefully his dream of seeing Wolves lift the FA Cup will be realised one day soon!
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Seems to have all the right credentials bar one – he ain’t a Wolves fan! Hopefully he saw a few of the games at the end of the season and recognised the passion of the fans and the sheer desire of the club, team and fans to succeed. Perhaps he can be converted!
It is great he is a true football supporter and by reports understands the importance of all that goes with running a traditional club; passion, fervour, community etc etc.. Liverpool have this, so hopefuly he recognised the signs are there at Wolves.
Most importantly MM will stay to take the team on to the next level. With a few bob I am sure Mick’s task will be made that bit easier, without loosing the ‘young and hungry’ strategy.
Finally, it would be nice for Mr Morgan to use his building skills and fill in a corner at the Mol for away fans. Would be no need to give the South bank away again!
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This is excellent news and it couldn’t have happened at a better time. I’m sure MM is delighted and should give him great support for the future.
Isn’t it amazing that Wolves are able to attract such a major tycoon like Morgan, he’s done his sums and knows that we’re Permership material – I think the formula for success is just right now!!
Massive thank you goes out to Sir Jack. You kept us well and took us to the Premiership…oh what a big heart you have to give away your ‘love child’ but to someone who you know will take us from strength to strength. Thank you Sir Jack.
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The decision by Sir Jack to pull the rug was based on purely business reasons . It is not his is tenner that fans we should be focussing on but the amount that Wolves’ ownership contributed to his fortune . He has made his pile and is not to prepared to put more into the club. He has done his sums and made his decision it’s not worth it . Another one has done his sums and has come up with another decision. We all hope Mr Morgan is right . But please , don’t mix money and the game . But perhaps it’s too late . It all began when Wolves transfered a cracking inside forward, Bryn Jones to Arsenal, the bank of England team, years ago for a then record fee.
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Interesting development. It doesn’t concern me Steve Morgan is a Liverpool fan. More importantly he is a Football Man, and an Achiever.
This can only be to Wolves benefit.
Can’t wait to the June confirmation!
Sir Jack Hayward has been, and is the ultimate Wolves Fan…we bow to your committment, and every Wolves fan owes you a massive debt of gratitude. Jack, always remembered.
I believe the management structure of the Club is strong. A commercial CEO, and a manager, who is doing a brilliant job,
The future is bright, the future is Old Gold!!
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It’s been a long time waiting for someone to buy out Sir Jack.Now hopefully we can go forward and get back in the Premiership
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Lets hope Steve Morgan is in for the long run. This is fantastic news for the club and fans. I have so much repect for Sir Jack – what a role model he is for the city – I hope it is not the last we hear from him.
Up the Wolves
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on the back of an excellent season, we can now move forward with the finacial support to help further improve and hopefully return us to the premiership.
Lets just Hope Mick continues to buy players with the hunger to succeed in the old gold and black.Rememeber we have been here before – spending millions on rubbish.
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Well,my blood boils, I cannot believe what Reginald James has written above (item 7) . Had it not been for Sir Jack rescuing the club in 1990 , there would not have been a club for all die hard Wolves fans to support, of which I am a 50 year supporter. Sir Jack made his money from earlier & subsequent commercial enterprises . I also firmly believe, he has given 100% to Wolves, the City and the fans, without taking a bean from the Club. Frankly, Mr. James, I feel your comments are completely tasteless and I am sure you are in a minority of 1 with such feelings. UP THE WOLVES and good luck to Steve Morgan for developing the club further – for the benefit of true fans (not bigots)
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All I can say is Thank you Sir Jack for sticking to your word. Two stands, to a new stadium, new team, then the premier you did us the world of good. Have a happy time in the Bahamas, and dont forget to look out for our results……
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I cannot beleive the comments of Reginald James. Had it not been for Sir Jack ‘rescuing’ the club in 1990, there wouldn’t have been a club for Wolves fans to support -I, for one have supported the club for 50 years, and will be eternally grateful. Sir Jack made his money from earlier and subsequent commercial enterprises. I firmly believe, he has given 100% to Wolves, the City and the fans, without taking a bean from the Club. Frankly I feel Mr. James’ comments are mistaken and are no doubt in a minority of 1. UP THE WOLVES and good luck to Steve Morgan in developing the club further – for the benefit of all true fans.
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Its a going to be a testing time with a new owner, new buisness practices, new methods, at people will have to adjust to fans and staff at the club. Although I’m pleased there is to be investment in the club and weclome steve’s contribution, you have to be cautious as a fan. Lets not forget, he’s a scally and always has been. He’ll have to win me over. Next Wednesday don’t forget he’ll be at the Champions league final! I’ll be doing something else other than watching Liverpool!
I’m cautious coz i don’t want Wolves to be just another asset in the portfolio of a rich man!
Clubs should really belong to communities and not wealthy entrepeneurs.(but that’s business!)
If the future of football is the distorted rich mans jamboree of the FA cup final was..I aint interested.
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Very pleased with all this news
Sir Jack Deserves no criticism and I think Moxey deserves some credit for shaping the future of Wolves with getting such a manager as Mick McCarthy who is perfection for the club we are, while he has also had a hand in giving the club the financial potential and catalyst to give McCarthy the tools to help make the wolves a permanent premiership club.
Like others I believe wolves need to maintain the same strategy and slowly but surely strengthen the team in a push for the premiership, I trust this will happen. The 1990’s saw too many gambles on player signings that never paid off. Wolves need to start from the centre and build outward in order for long term success. Let’s not go for temporary “bolt-ons”
I genuinely believe and trust SJH’s faith in Morgan, and likewise I believe McCarthy will spend wisely and the club will maintain the strategy.
However wolves fans should not return to the dizzying heights of high expectation and pressure for success at wolves just because there is financial backing – I believe Moxey, SJH and MM have done enough to have our complete trust.
I have the faith in them and obviously hope I will be able to feel the same about Morgan; SJH trusts hime……so far the time being, I trust him.
The takeover has obviosuly been in the pipeline so in some ways it’s a pity we have not been promoted this season even though the team is not ready yet, a substantial immediate cash injection from Morgan may have been on the cards and this could well have given wolves a fantastic chance of staying in the premiership.
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Nobody can ever knock SJH’s love or commitment to Wolves and the final gesture one personifies this completely and for that he will always be guarantied our total and deserved affection.
But…
Let us not kid ourselves it has been a shambolic period of mismanagement and underachievement. Remember the opening of the new Molineux against Honved in 95 (when the lights went out.sign?) the optimism around the town, sold out week in week out. Tens of Millions of pounds teams packed with international stars not mention mangers and yet years of mediocrity and despair on the pitch. PR disaster after disaster driving, at times, a poisonous wedge between the club and fans. Last season, the Molineux project had failed, the decks being cleared so the torch could be passed debt free with thousands of fans having fallen out of love with their club, players leaving and no money to replace them. No one could have expected what MM has achieved this season, least of all the board and their ‘master plan’, but even now with the club totally uplifted by Magic Mick, the thousands of empty Molineux seats testify that there is still an awful lot of trust to be won back. It will be interesting to see if Messrs Turner, Taylor, McGhee, Lee & Jones, those sacked by posh farmers, are now allowed to tell all about the runnings of the club.
Molineux and the training ground (albeit 15 years late in the build) stand like proud monuments to an era that should have been so much more.
The Tenner that Jez has told us that will be framed and put on the wall, be honest, if that was you how would you look at it with pride or regret?
The king is dead. Long live the king.
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its all well and good that new owners are coming in and are prepared to bank roll us but want i cant understand is that when he was going to buy liverpool steve was ready to part with 73 big ones and now its only 30 million what does that say about his commitment to wolves..hope i am wrong
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Response to Tony from Dudley – Liverpool are a bigger club with a huge brand name and international support. They are a mainstay of the premiership and as such it was safe for Morgan to commit himself to offer and investment of 73 Million into Liverpool. Wolves are a smaller club that do not recoup the dizzy heights of high finances from Sky and European TV rights. There is work to be done at Wolves at 30 Million is a safe bet to get wolves and keep wolves a premiership club. This is the first step of what Morgan’s ambitions will be, and anything else as and when it happens may open the door on more than the agree minimum of 30 million investment.
I don’t think we could expect Morgan to put his money were his mouth is for a team who are not as close to his affections just yet as Liverpool
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