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By ESPN Staff

Morgan reassures Wolves fans on takeover

Tycoon Steve Morgan has assured Wolves fans his takeover is still on track.

The Cheshire-based businessman is set to buy the club from current owner Sir Jack Hayward for a nominal £10 fee but has promised a £30million investment.

The deal was due to have been completed last week but lawyers are running behind schedule.

Morgan told the club's official website: 'The deal is done - Sir Jack and I shook hands on it at the time of the play-offs and we are both men of our word.

'But we have hit some very complicated and unexpected legal issues to do with Sir Jack's trusts, which are taking a little longer than expected to unravel.

'The ownership [of the club] involves family trusts and there have been complications with that.'