The official statement from Wolves in full:”After an exhaustive search to find the right new owner for Wolves, the club is delighted to announce that, subject to contract and formal approval from the Hayward Family Trust trustees (the ultimate legal owner of the club), Sir Jack Hayward OBE acting for himself and the trustees has agreed to procure the transfer of 100% of the shares in Wolves to British businessman Steve Morgan OBE, via Carden Leisure Ltd, a company controlled by him.

“Having now struck a deal, the process for completion is expected to be concluded in early June.

“It was felt important to inform supporters of this exciting news as soon as possible but for obvious reasons, no announcement could be made until Wolves’ season had ended.

“In keeping his promise to supporters to step aside for the right person, Sir Jack has taken the unprecedented step of ‘gifting’ the shares of Wolverhampton Wanderers (1990) Ltd, the club’s holding company, to Carden Leisure for £10 (ten pounds) in return for a £30 million investment into the Club.

“All of the £30m will be used for the benefit of Wolves.

“Sir Jack is making this gift for the benefit of the club and in order to secure the future of the club on a long term basis.

“It is intended that the new capital, over a period of time, will be used to help re-establish Wolves as a Premiership club.

“Although this is a significant amount of money there will not be an ‘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.

“Having been impressed by what he’s seen of the club to date, Steve Morgan is keen to ensure stability and continuity by retaining Mick McCarthy as first team manager and Jez Moxey as chief executive.

“Sir Jack purchased Wolves in 1990 for £2m and has invested £50m of his personal wealth into the club.

“He announced his intention to step aside in September 2003.

“Since then a number of parties have expressed interest but, in Steve Morgan, Sir Jacks feels he has finally found someone who not only has the best interests of the club at heart but also has the resources necessary to take over the responsibility for returning the club to its former greatness.

“In recognition of his unique commitment to Wolves and to ensure his experience is not lost, Sir Jack will remain Life President and be available to the Club to provide whatever support they require.

“Sir Jack’s grandson Rupert Hayward, a lifelong Wolves fan, will join the board which will also consist of Steve Morgan (Chairman); Jez Moxey (Chief Executive); and local businessmen and Wolves fans John Bowater; John Gough and Kevin Threlfall who joined the board at the beginning of last season.

“Steve Morgan was the founder and former chairman of UK house builder Redrow plc, before selling a majority shareholding in 2000.

“He is now Chairman of the privately owned Bridgemere Group of Companies, Harrow Estates plc, one of the UK’s leading contaminated land specialists and Salamanca Finance plc, one of Eastern Europe’s leading development finance companies.

“A massive football fan, Steve was born and grew up in Liverpool and has followed Liverpool F.C. since childhood.

“In 2004 he came close to buying a controlling interest in the Club. He fully understands the game, its importance to fans and its local community.

“No further comment will be made by the club, Sir Jack or Steve Morgan until the legal formalities have been completed.At that time a formal media conference involving the principals will be held at Molineux.”