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Last Updated: Wednesday, 27 June 2007, 12:05 GMT 13:05 UK
Wolves takeover on track - Morgan
Steve Morgan
Morgan made his fortune after launching building firm Redrow
Steve Morgan has reassured Wolves supporters that his takeover of the Molineux club is still on track.

The process has been delayed by legal technicalities relating to club president Jack Hayward's family trusts.

Morgan told BBC Radio WM: "They are taking a little longer than expected to unravel but there is no dispute.

"There is no need for fans to be anxious, it is not a question of if, just when. It is not that far off - hopefully in the next week to 10 days."

Morgan is buying 100% of Hayward's shares for a 10 payment with the condition that 30m is invested in the Championship club.

"The deal is done," added Morgan. "Sir Jack and I shook hands on it at the time of the play-offs and we are both men of our word.

"If it was just a straightforward deal between Sir Jack and myself it would have been done weeks ago.

"It is just the ownership involves family trusts and there have just been complications with that.

"I can't wait to get started, although I am in daily contact with chief executive Jez Moxey and manager Mick McCarthy now he has come back from his holiday.

"That is not holding things up in the transfer market and we are busy working behind the scenes."

Millionaire businessman Morgan is set to become the new chairman and McCarthy and Moxey are expected to keep their jobs.

Morgan made his fortune after launching building firm Redrow.

He sold his majority shareholding in Redrow in 2000 and is now chairman of the Bridgemere Group of Companies, Harrow Estates plc, and Salamanca Finance plc.

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