Cheshire businessman Steve Morgan has completed his takeover of Wolves, bringing to an end the 17-year reign of Sir Jack Hayward.

Morgan has completed protracted negotiations for the nominal £10 purchase of the Molineux club and a guaranteed £30million of investment.

The deal means Hayward will walk away without a penny of profit.

Morgan said: "It is my great privilege and pleasure to succeed Sir Jack as the owner of this famous old club and I sincerely thank him for his trust in me.

"We will continue to build on the current strategy of steadily and progressively developing a team of young, hungry and talented players - because nothing would give me more pleasure than re-establishing Wolves as one of the top teams in the land."

Hayward said: "We didn't want to go the way of so many clubs in Britain and hand over to foreign investors - this is an English club in an English city with great English traditions, and we wanted someone who would fully appreciate what Wolves means to the clubs' fans."