Morgan tried to buy Liverpool in 2004

Hayward will not profit from the deal, which saw Morgan pay a nominal �10, alongside a guaranteed �30m investment.

Hayward said: "We did not want to go the way of so many clubs and hand over to foreign investors."

Morgan added: "It is a great privilege to succeed Sir Jack as owner of this famous club."

606: DEBATE Give your reaction to Steve Morgan's takeover

Morgan, 54, who tried to buy Liverool in 2004, made his fortune after launching building firm Redrow, but sold his majority shareholding in 2000.

He is chairman of the Bridgemere Group of Companies as well as two other plcs.

Wolves have spent only one season in the top flight since 1984 - their solitary Premiership season coming in 2003/04 - but Morgan has vowed to bring back the glory days.

"I remember the days when Wolves were the greatest club in the land and, although times have changed, we are going to do our best to take Wolves back to where they were," Morgan said.

"I will work tirelessly alongside Jez Moxey, the chief executive, the rest of the board and the backroom team, manager Mick McCarthy and the players to do my very best for Wolves.

"The loyal fans of this club deserve nothing less.

"When the club first approached me about taking over at Molineux the deal was all but done in the first two minutes of discussion and I feel privileged to have been the right person to have come along at the right time."