Hayward hints at Wolves exit

Sir Jack Hayward, one of football's great benefactors, today put Wolves up for sale and revealed he is prepared to give his beloved club away for nothing.

After dedicating 18 years and £74million of his personal fortune attempting to get Wolves into the Premiership, the 80-year-old has decided to quit just as his dream is starting to turn sour.

Wolves have only one point from their opening six Premiership games and are favourites for an immediate return to the First Division.

Before Roman Abramovich's takeover at Chelsea, Hayward was second only to Blackburn's Jack Walker in terms of an individual millionaire bankrolling a football club.

A devoted Wolves fan, he was born within yards of Molineux and went on to amass £140m from property interests in the Bahamas.

Hayward, who took overall control of the club in 1990, will not seek to recoup a penny of his £74m and will write off approximately £40m still owed to him. He also admitted last night he would give away the club for free to any consortiums that can guarantee significant investment.

Wolves chief executive Jez Moxey said today: "Sir Jack is beginning to feel that he has done his bit for the club. He has toiled with this club for 18 years and what he would like to do is just turn up as a fan, which is what he is at heart."

But Moxey stressed that the sale would not be immediate and Hayward would not cease his investment before a handover was agreed.

Moxey added: "There is no fire-sale going on and this club will not change hands lightly.

"Sir Jack is intending to talk to anybody who has the desire and the deep pockets to invest in the club and take it to the next stage. Until that happens we will carry on as normal."

Hayward said privately last season he would give the club away if they failed to win promotion. Any new owner will have to sign a legally binding document ensuring that 25 per cent of the club passes into the control of the supporters.