Sir Jack Hayward was humorous and mischievous to the end today as he passed control of his beloved Wolves to Steve Morgan.

The outgoing owner and former chairman, who has been named an honorary life president, described it as 'a great day' and predicted a 'fantastic' season for the club.

But he complained when he was presented by Steve with the infamous £10 handover 'price' that the note was behind glass in a mounted frame! He then took possession of two enlarged copies of old-fashioned unframed £5 notes.

In return, he passed on the 1 WFC vehicle number plate, complete with Union Jack, but said: "You're not having the car as well!"

Sir Jack also joked: "It would have been preferable if Steve had been born in Wolverhampton but he has recently had a heart transplant - all the way from Liverpool to Wolverhampton - and it has been very successful. So much so that we now don't mention Liverpool at all in his presence.

"Seriously, he struck me straightaway as a super chap who knows football a lot better than me and he will be very good for Wolves. He has already ploughed his money in ahead of his big tranche and got on very well with Mick (McCarthy) and Jez.

"I think we're in for a great new era. He wants us to get into the Premier League, stay there, which is something I failed to do, and be one of the top six clubs in the country, up with Manchester United, Chelsea, Arsenal and that other team.

"It wasn't at all difficult to hand over to him. It might have been difficult with some of the others who came out of the woodwork but I liked him the moment I met him. We've both come from impoverished backgrounds.

"It has all been resolved satisfactorily and I think we're in for a fantastic season. I wish him and the club the best of luck."

Sir Jack bought Wolves for £2m in May, 1990, and revealed in September, 2003, that he was willing to hand the club over to an individual or group who would promise major investment into the club.

Steve was revealed in mid-May as the owner-in-waiting and has attended several of the club's games already, both last season and during the build-up to 2007-08.

Wolves have spent several million pounds in the meantime - an outlay that Sir Jack would have met had today's deal not been completed for any reason.