Morgan vows to stick with McCarthy

[sticky fingers]

New Wolves owner Steve Morgan has promised to give Mick McCarthy a second chance to steer Wanderers into the Premiership.
Morgan, a former Liverpool shareholder who tried to complete a takeover of the Anfield club in 2004 before turning his gaze on Wolves, has agreed to buy out current owner Sir Jack Hayward for just £10 in return for a promised £30million investment in the club.

The coup looks to be a bloodless one, with former Republic of Ireland manager McCarthy and chief executive Jez Moxey both set to retain their jobs in the new regime.

McCarthy surpassed expectations by guiding Wanderers into the Championship play-offs, having taken over at Molineux last July.

However, their dream of a return to the top flight, which they last graced in 2004, was ended by Black Country rivals West Brom.

Any notion McCarthy could lose his job following the takeover of Morgan, who is expected to travel to Athens to watch Rafael Benitez's side in the Champions League final, was quickly dismissed.

A statement 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 was in agreement with his chief executive, insisting he would not be wasting Morgan's money in the transfer market.

"If you look at Michael Kightly, he could play anywhere and he cost £25,000. Why not look there (in the lower leagues)?

"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."

Moxey revealed negotiations with Morgan started at the turn of the year and that the remaining loose ends would be tied up in a matter of weeks.

"You might say the process started when Sir Jack made his public statement that he would give away the club for no money to him but an investment into the club," added Moxey.

"But negotiations with Steve have been ongoing since January. [The deal] is subject to formalities which will be completed in the coming weeks.

"Today's announcement, having got knocked out of the play-offs, was to let our supporters know where we've got to and in Steve Morgan I think we have found the ideal guy to take the club forward."

Moxey also praised Hayward for his selfless decision to relinquish his ownership for the good of the club.

"I think what Sir Jack wanted was a British businessman, ideally, someone who had the club at heart.

"Steve will inject £30million into the club and, with Sir Jack having done what he's done, giving it away for nothing, it is a gift to the fans.

"This is not about money for Steve Morgan, though, it's about safeguarding the future of the club."

Hayward bought Wolves in 1990 for £2million and has since invested around £50million of his personal fortune in the club, earning him a special commendation.

The club statement continued: "In recognition of his unique commitment to Wolves and to ensure his experience is not lost, Sir Jack will remain life president and be available to the club to provide whatever support they require.

"Sir Jack's grandson Rupert Hayward, a lifelong Wolves fan, will also join the board."

McCarthy was also quick to hail Hayward's actions, telling Sky Sports News: "He's been a wonderful owner.

"What a magnanimous, gracious thing to do - to hand it over and take nothing out of it.

"Quite clearly Sir Jack's love of the club has been evident all of the time. His desire to leave it in the right man's hands has been evident from the start."