Wolves Sold For £10 - 21/05/2007

Sir Jack Hayward has sold Championship club Wolverhampton Wanderers for £10 on condition that purchaser Steve Morgan puts £30m into the club. Morgan was involved in two unsuccessful attempts in 2004 to buy his home town club Liverpool. He made his fortune after launching building firm Redrow. He sold his majority shareholding in 2000 and is now chairman of three companies including the Bridgemere Group. In 2006 he reportedly lent £2.5m to Wrexham as part of their efforts to come out of administration. Now he has been gifted all of the shares in Wolves in return for pledging £30m to the club. A statement from Wolves said, 'Morgan not only has the best interests of the club at heart but has the resources to return the club to its former greatness'. Apart from one season, Premiership status eluded Sir Jack Hayward despite all the money he pumped into the club.

Analysts think that Morgan has made a shrewd buy and that the deal will be mutually beneficial for the new owner and the club. Wolves have an excellent stadium, first-rate infrastructure including a quality training ground and a large supporter base with good commercial opportunities. Tom Cannon at Buckingham University Business School commented, 'I think that [Morgan] has a better chance than most of making some serious money. He will look to attract other investors and to develop the franchise. Wolves have a big fan base and it is there to be developed.'