[kwik1980]

Sir Jack Hayward today resigned as chairman of Wolves, turning control over to his son, Rick. Hayward will stay on as club president. In addition, as he said he would in September, Sir Jack has written off £38.7 million worth of loans that the club would have owed him.
Rick Hayward still plans to attract outside investment in the club, and every party is stressing that there will be no major cash influx for the January transfer window. (During the press conference today, Rick said "I've left my checkbook at home") Rick, 51, is a businessman, and will likely be less free-spending as his father was, probably because Wolves were Sir Jack's lifelong passion.

There are several articles on this story at www.expressandstar.com or on Wolves site, www.wolves.co.uk