Hayward hands Wolves control to son

Sir Jack Hayward yesterday conceded defeat, at least temporarily, in his quest to find "magical new investors" for Wolverhampton Wanderers. The 80-year-old multi-millionaire announced his retirement as chairman and director and has been replaced at the head of the board by his eldest son, Rick.

A self-styled entrepreneur who admits he was "a rugger man" until joining his father at Wolves six years ago, Hayward junior was a year ahead of Prince Charles at Gordonstoun before studying Art at Edinburgh University. Now 51 and based in the Bahamas, he lists property, wine and restaurants in his business portfolio.

In September, a month after Wolves began life in the Premiership, the 80-year-old Sir Jack announced he would write off £39m owed to him by the club provided new, local owners could be attracted. The Black Country business community has been conspicuously quiet, and the take-over has turned into a hand-over.

Sir Jack's younger son Jonathan, a Northumberland farmer, became chairman soon after his father bought control in 1990, but the pair are no longer on speaking terms. Rick confessed he once teased Jonathan about his interest in a sport which started in earnest around 12 August, "when the grouse-shooting season starts".

With the zeal of a convert, however, he spoke of the "honour" of stepping into his father's shoes, while confessing to being "apprehensive". "I'm delighted he has decided to hand over the reins," he said. "He has done amazing things for Wolves. Now we've got to make sure we stay up, which will be no easy task."

Pressed as to whether funds would be available for Dave Jones to strengthen the Premiership's bottom team during next month's transfer window, he replied: "It's too soon to say. We'll sit down over the next few days and sort that one out."

As for the ultra-patriotic Sir Jack, who has ploughed £70m into buying players and restoring the stadium, he will now embark on a cruise "to check on the Empire". His exit from the front line was accompanied by a thinly veiled hint that it was not too late for prospective buyers to "get a piece of the action".

Hayward senior added: "It's an offer that's too good to miss, but it seems that the magical new investors we had hoped for think there's a catch. They think it's too good to be true. I'm hopeful there are a few Wolverhampton people who will help us with finance and expertise, but they're still working on it.

"Leeds United are £80m in debt with problems on and off the pitch. Yet people are interested in them, which I can't understand. Here is a well-run club, with no debts apart from a £4m bank overdraft and with everything trading profitably."