WOLVERHAMPTON, England (AP) _ Wolverhampton owner Jack Hayward sold the League Championship club Monday to Liverpool businessman Steve Morgan.

Hayward said he agreed to sell all of his shares to Morgan for 10 pounds (C$21.34), providing he invests 30 million pounds (C$64 million) in Wolves.

``Jack is making this gift for the benefit of the club and in order to secure the future of the club on a long-term basis,'' Wolves said in a statement on its website.

``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 check book' approach to signing players.''

The deal is expected to be completed by June.

Morgan, who tried to buy Premier League club Liverpool in 2004, will retain Mick McCarthy as manager and Jez Moxey as chief executive.

Hayward bought Wolves in 1990 for two million pounds (now C$4.3 million). Since then, he has invested 50 million pounds (C$107 million) in the club. When Morgan takes over, Hayward will be named as life president and his grandson, Rupert Hayward, will join the board.

Hayward has wanted to sell the club since 2003.

Wolves said Hayward was satisfied that Morgan ``has the best interests of the club at heart but also has the resources necessary to take over the responsibility for returning the club to its former greatness.''

Wolves was formed in 1877 and has been at its Molineux stadium since 1889. It won the English title in 1954, 1958 and 1959 and has four FA Cup titles _ the last in 1960. It was runner-up to Tottenham in the first edition of the UEFA Cup in 1972.

Wolves has spent only one season in the Premier League, finishing last in 2004 and has played the last three seasons in the League Championship.

The club lost Wednesday to West Bromwich Albion for the chance to play for a place in next season's Premier League.