Morgan To Buy Wolves For Â£10

Mikk · 05-21-2007, 11:14 AM

From: BBC

Quote:

Steve Morgan, who twice tried to buy hometown club Liverpool in 2004, is set to take over Wolves after buying 100% of president Sir Jack Hayward's shares. Hayward will sell all of the shares for one Â£10 payment on the condition Morgan invests Â£30m in the Championship club.
Wolves said a deal will go through in June, with Morgan becoming chairman and manager Mick McCarthy and chief executive Jez Moxey keeping their jobs.
Millionaire Morgan made his fortune after launching building firm Redrow.
He sold his majority shareholding in Redrow in 2000 and is now chairman of the Bridgemere Group of Companies, Harrow Estates plc, and Salamanca Finance plc.
His first bid for Liverpool fell through in the summer of 2004 when he said the club needed to "come clean" about the cost of their new stadium.
Morgan's second attempt collapsed in December 2004 when he "lost patience" with the Anfield board.
Despite Morgan's occasionally stormy relationship with Liverpool's directors, he has always retained a strong interest in football and in 2006 he reportedly lent Â£2.5m to Wrexham as part of the club's efforts to come out of administration.

That loan to Wrexham almost did not happen when it emerged that Morgan could not be owed money by one club and sit on the board of another - meaning he could only do the deal if he accepted he would not become a director of Liverpool.
It is not clear at this stage whether he has cancelled his links with Wrexham or whether he will do that before the deal for Wolves goes through in June.
A statement from Wolves on Monday read: "In keeping his promise to supporters to step aside for the right person, Sir Jack Hayward has taken the unprecedented step of 'gifting' the shares of Wolverhampton Wanderers (1990) Ltd, the club's holding company, to Carden Leisure (Morgan's company) for Â£10 in return for a Â£30million investment into the club.
"All of the Â£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 chequebook' 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 has 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."
The statement continued that, in Morgan, Hayward "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."
Hayward will remain life president, with his grandson Rupert Hayward joining a board that will also consist of chairman Morgan, chief executive Jez Moxey and local businessmen John Bowater, alongside John Gough and Kevin Threlfall.

And i thought Quinn buying Sunderland was cheap!