Wolves owner Jack Hayward has agreed to sell the club to Steve Morgan, the businessman who tried to buy Liverpool.

A statement on the club's website said the sale of the club was expected to go through in early June. Hayward has agreed to sell up all shares for £10 in total on the condition Morgan invests £30million in Wolves.

Manager Mick McCarthy has been assured his job is safe while Jez Moxey will stay on as chief executive.

The club statement read: "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 cheque book' 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."

Morgan made his fortune as the founder of house builder Redrow plc before selling a majority shareholding in 2000. He came close to buying Liverpool in 2004 and is thought to still hold shares in the Anfield club.

Hayward bought Wolves for £2million in 1990 and has invested £50million of his personal wealth in the club. He has been searching for a successor since September 2003.