Steve Morgan described himself as 'highly honoured' as he formally took control of Wolverhampton Wanderers today.

The 54-year-old businessman was greeted by a large assembly of reporters and camera crews as he was introduced in Molineux's Hayward Suite at noon.

And it emerged that the deal for him to take over - struck at a meeting in the spring - was sealed in double-quick time.

"The deal was effectively done in two minutes," revealed Chief Executive Jez Moxey. "That's how long it took him to say: 'Right, I'll do it.'

"It has taken a few months longer than any of us had hoped to complete but it's nothing to do with these two gentlemen (Steve and Sir Jack Hayward). It was just the legal complexities.

"We're delighted to be welcoming Steve with all the commitment he has shown since day one when we pitched the idea to him."

And, in his opening address, Steve said: "It's my great, great pride to be sat here and to be following such a great man as Sir Jack Hayward.

"As a seven-year-old, I remember Wolves winning the Cup in 1960 when they were the greatest club in England and I was supporting a struggling Second Division team called Liverpool. The aim is to get Wolves back to where they were in the 1950s."

He added later: "Wolves were my second club when I was growing up because they were the best club in the country. When I had the chance to buy them, how could I refuse?

"I'm so excited about this opportunity. I woke up at 3.30 this morning and couldn't get back to sleep because I was looking forward to today so much."

Steve, warmly greeted by fans when he stepped outside Molineux to do a live TV interview, spoke fondly of Sir Jack's influence, the Hayward family's presence now extending with the presence on the board of his grandson Rupert.

"It's hard putting into words what he has done," Steve added. "His legacy will be part of Wolves for ever. He has ploughed in tens of millions of pounds into the club and, when he decided to dispose of it, he did so in the most selfless way possible.

"He didn't want to part with it in the normal way - he just wanted the investment in the club."

Steve was introduced to players and staff at the Sir Jack Hayward Training Ground at Compton this morning as well as meeting staff at Molineux.

Also present at his public unveiling were manager Mick Mccarthy, various club employees and members of the Wolves Fans' Parliament.