Jack Hayward relinquished his 16-year hold of Wolves with a final grand gesture today.
Hayward handed over control of the club to his 51-year-old son Rick and announced he was writing off almost £40 million sterling of loans owed to him by the club.
The 80-year-old supremo - whose total investment in Wolves exceeds £60 million announced in September that he intended to retire from the club but found suitors in short supply. Hayward said he was delighted to pass on the burden to his son and added that his first retirement plan was to go on a cruise.
He said: "I feel it is better for younger, fresher faces to take charge with hopefully younger and fresher ideas. We haven't found these wonderful, magical investors out there so it is absolutely terrific to be able to keep it in the family."
Hayward bought the club for £2.1 million in May 1990 and spent a large portion of his fortune building a team and stadium fit for the top-flight. But he knows from first hand experience that keeping the club in the family is a risky business. He assumed the role of chairman in 1997 only after an acrimonious fall-out with his other son and the-then chairman Jonathan over financial dealings.
Like his father, Rick has a large number of business interests - mainly in the Bahamas. He was cautious about putting a figure on boss Dave Jones's January transfer budget, insisting: "We are looking at everything at the moment to see what we can do. It is too soon for us to say exactly how much is going to be available.
"We have always had my father's cheque-book but that has ended."