Sir Jack Hayward will remain life president of Wolverhampton Wanderers despite selling club to Redrow founder Steve Morgan
Steve Morgan, the founder of housebuilder Redrow, has agreed that Sir Jack Hayward will remain life president of Wolverhampton Wanderers, despite agreeing to buy his shareholding in the club.
A source close to the takeover talks told Building that Hayward, a lifelong Wolves fan, will retain the purely honorary role. Morgan will become chairman.
The news of the takeover emerged earlier today. Morgan, who has an estimated wealth of nearly £500m due to his time at Redrow, is a Liverpool fan and failed twice to buy his hometown club in 2004.
The source said: “Sir Jack will be staying on as life president. It’s almost formalised, subject to contract. Hopefully that’s just a formality.”
The source added that Morgan “likes (manager) Mick McCarthy” and will retain his services.