Former Wolves owner Steve Morgan gives £200 MILLION to charity
Former Wolves owner Steve Morgan has donated more than £200 million to charity, in one of the biggest ever donations by a British businessman.
The cash was given to The Morgan Foundation, which funds thousands of charities and community groups, particularly those helping children and families in desperate need.
Mr Morgan is the founder and chairman of housebuilder Redrow, and the donation was made in the form of 42 million shares in the company. That accounts to 11.36% of Redrow shares.
Mr Morgan, 64, took over Wolves from Sir Jack Hayward in 2007 before being bought out by Fosun Group last year.
Jane Harris, administrator of The Morgan Foundation, said "Steve Morgan's incredible generosity will mean a huge and profound step-change for The Morgan Foundation.
"Our ethos is based on making a difference and Steve's gift of over £200 million means we will be able to help thousands of more people in need.
"We can also ramp-up the donation of smiley buses which have made such a positive impact to the disabled and socially isolated in our region.
"I'm also delighted to say we are actively planning some very exciting, and significant, capital projects and we'll be announcing more details soon."
Since the Foundation was formed in 2001 by Mr Morgan, who until recently owned Wolverhampton Wanderers football club, it has committed £35 million to good causes in North Wales, Merseyside, West Cheshire and North Shropshire.