Wolves' £10 takeover

Wolverhampton Wanderers have been bought by Steve Morgan, who previously failed in a bid to buy Liverpool, for just £10 - so long as the new owner invests £30 million.

A statement on the club website said: "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."

The deal is expected to be concluded in early June.

The statement said: "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."

• We want your reaction. Simply fill out the form below.

• See later editions of tonight's Shropshire Star for full story and reaction.