Despite having missed out on promotion to the Premiership the future looks bright for Wolverhampton Wanderers and Mick McCarthy after the club accepted a buyout offer from the man who once tried to take control of Liverpool.
Wolves, who were denied a place in the Championship play-off final by West Brom last week, will be boosted by a £30 million investment after property developer Steve Morgan buys out Sir Jack Hayward for £10 million.
Hayward confirmed the agreement with Morgan this morning and moved quickly to reassure former Republic of Ireland manager McCarthy that the job he took in July of last year is safe. Jez Moxey will also stay on as chief executive.
A statement released this afternoon read: "Having been impressed by what he's seen of the club to date, Steve Morgan is keen to ensure stability and continuity by retaining Mick McCarthy as first team manager and Jez Moxey as chief executive."
Moxey, meanwhile, told Sky Sports News: "Steve is pleased with what he has seen of the club and how it's been run. He's also happy with Mick as manager.
"We are a football club and we're trying to get to the Premier League. There's going to be investment into the team.
"But we're not going to have an open chequebook approach. We'll continue with the strategy we've developed this season with Mick - selecting and recruiting young, hungry players."
McCarthy echoed his chairman's sentiments today saying: "We haven't spent a lot of money on players but what they've all had is the desire to play and the work ethic.
"The most expensive buy was Andy Keogh and he's been brilliant. If you speak to everyone about the place they have a humility about them.
"Whoever I sign I want that attitude," added the former Republic of Ireland captain.
The sale of the club is expected to go through in early June but "no further comment will be made by the club, Sir Jack or Steve Morgan until the legal formalities have been completed," a Molineux statement outlined today.
After buying Wolves for £2 million in 1990 and investing £50million of his personal wealth in the club, Hayward has seen his side compete in the Premier League for just one season in 2003/2004, in which they finished last on 33 points.
He has been searching for a successor since September 2003.
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 will remain as life president and his grandson Rupert Hayward will join the board alongside Morgan, who will be chairman, Moxey and three local businessmen - John Bowater, John Gough and Kevin Threlfall.
