A new era at Molineux

In January fans were left stunned but excited after football legend Graeme Souness said he had offered £20 million to buy it. But he found himself in a war of words with the club's chief executive Jez Moxey, who had earlier denied all knowledge of a bid.

Souness told the Express & Star: "I made an offer, subject to an examination of the club's books and accounts, of £20 million which is the figure Sir Jack had publicly declared he was looking for."

But Wolves turned it down despite fans giving their overwhelming backing to the bid.

The Souness link followed previous reports that Wolves were in talks with Milan Mandaric, the former Portsmouth owner, which were also strongly denied by the club and the man himself.

But sources said a £15m package had been discussed between the Serb-American.

Rumours about a takeover have been rife since Sir Jack first announced his intention to hand over the club three years ago.

At that time, he said he would be willing to effectively give the club away, preferably to locally-based owners, providing they could pledge substantial funds for its future development.

But since then, the terms have shifted with Sir Jack igniting another wave of takeover stories when he revealed he would accept £20m for his controlling interest in an impromptu radio interview at the end of last year.

Today leaders of the city, fans and former players all gave their backing to the sale. Council leader and staunch Wolves fan Roger Lawrence said Jez Moxey had contacted him this morning to break the news.

The local authority is the freehold owner of the ground, and Councillor Lawrence said he hoped to meet Redrow to discuss the future.

Councillor Lawrence said: "We expected a sale but we didn't know when it was going to be. The sum of money is about what we would have expected and that will be invested in the club and its future aspirations.

"We've got someone with medium to long-term horizons so let's see what next season brings. Clearly the first aim must be to get into the Premiership. It's a new start now and it addresses the uncertainty."

Former Wolves star Don Goodman said the takeover was good news for the club. "Steve Morgan is a football supporter at heart and therefore if he embraces Wolves I can only presume it's a good thing. Sir Jack has done more than his fair share for Wolves and the time has been right to sell for some time.

"I'm certain Sir Jack wouldn't sell up to anybody, I'm sure he would have checked out his credentials."

Goodman added that he hoped the cash injection would not raise supporters' hopes to excessive levels.

"Mr Morgan is getting a very, very solid club that has got genuine potential again. Hopefully Mick McCarthy will benefit from having some funds to spend."

He cautioned the supporters to be realistic about the new season for Wolves.

Members of the Stan Cullis fans parliament said they were pleased to get some more investment into the club.

Lifelong fan Rob Fuller said: "It has been on the cards for a long time and Sir Jack Hayward has been looking to do this for a while. It's good to get some investment into the club but I hope they leave the management the way it is so they can keep up the good work which was has already been started.

"The money needs to be channelled properly though, they can't just throw millions at it. It is better to still have some hungry players than just greedy ones."

Supporter Carolyn Skitt said: "With everything that was happening with the play-offs everybody was more excited about what was happening on the pitch but really this is an issue that has needed sorting for a long time.

"Hopefully this is the right thing.

"Football is all about money these days and you can't do anything without it, so it is good to get new investment."

Wolverhampton South East MP Pat McFadden said: "I wish the club and new owners all the best. They had a good season, with disappointment at the end, but I think the whole city wants to see Wolves back in the Premiership as soon as possible.

"Hopefully the new owners will work with the manager and players to make that happen."

Former Dudley mayor Ken Finch, a Wolves fanatic, also welcomed the sale, especially if it brings investment to the club. He said: "I am delighted that a big company has shown interest in Wolves. Hopefully this will mean stability with the administration and a certain amount of investment. We already have a great manager who has done a good job in bringing through the young players – that sort of thing money can't buy.

"We just need a bit of experience and hopefully we will get up to the Premiership and stay there where we belong with clubs like Manchester United and Liverpool."

He added: "I hope the new owners are fully behind the manager and the club. I will be happy as long as those coming in have the desires and aspirations of the supporters. Next season can't come quickly enough."

Wolves fans today started paying tribute to Sir Jack Hayward on the Express & Star's website – expressandstar.com.

Ross Cockburn said: "Thanks for the memories Sir Jack, but the time has come to look to the future and this is certainly a great day for the club. Let's hope we spend the money wisely and build on the excellent work of Mick McCarthy."

James Cocks said: "A historic day in our beloved club's history. Today will surely be the first day of a new era. Give Mick the cash, he'll spend it wisely, and next season promises to be even more succesful than the one just passed. Thanks Sir Jack.

Charlotte Stevens from Shifnal said: "Sir Jack rescued the club and we will always be grateful for that. But the time was right for him to sell the club. Hopefully Mr Morgan will give Mick McCarthy the money to ensure we make a very quick return to the Premiership."

Jeremy Griffiths said: Thanks for everything Sir Jack. I hope the club is in safe hands. Looking forward to next season even more now."

Jon Hague said: "This is fantastic news for the club. I hope all those people questioning Sir Jack's motives are big enough to apologise now.

"He has done the club proud (yet again), securing a massive investment without personal gain. Great news that Super Mick is the manager of choice too for the new owners. 2007/ 2008 is looking like it's going to be Gold & Black."