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Corrigan: Five things we learned in La Liga

La Liga
By ESPN Staff

Morgan finally completes takeover of Wolves

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.'