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Sport

Businessman Morgan buys Wolves for 10 pounds

LONDON (Reuters) - Liverpool businessman Steve Morgan bought all the shares in second division Wolverhampton Wanderers for 10 pounds on Monday in return for 30 million pounds of investment into the club.

A statement on the club’s Web site (www.wolves.premiumtv.co.uk) said owner since 1990, millionaire Jack Hayward had agreed to the sale after an “exhaustive search to find the right new owner”.

The deal with Morgan’s company Carden Leisure is expected to be completed, subject to formal approval by the Hayward Family Trust trustees, in early June.

“All the 30 million pounds will be used for the benefit of Wolves,” the statement said. “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.”

The statement added that Morgan, who was close to buying Liverpool in 2004, would retain Mick McCarthy as first team coach and Jez Moxey as chief executive.

“Sir Jack 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,” the statement said, adding that Hayward would remain as life president.

Wolves, three-time league champions in the 1950s, were promoted back to the top flight of English football in 2003 after a 19-year absence and millions of pounds of Hayward’s money, but were relegated after just one season.

This season Wolves reached the promotion playoffs after finishing fifth but were beaten by arch-rivals West Bromwich Albion in the semi-finals.

Former Scotland midfielder Graeme Souness had a 20 million pounds takeover bid rejected by the club in January.

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