Mick McCarthy will be given another chance to steer Wolves back to the Premier League after Steve Morgan, the man who has agreed to buy the club for £10, gave the Yorkshireman his full backing.

Morgan, a former Liverpool shareholder who tried to complete a takeover of the Anfield club in 2004 before turning his gaze on Wolves, has agreed to buy out current owner Sir Jack Hayward for the symbolic fee in return for a promised £30m investment in the club.

The coup looks to be a bloodless one, with former Republic of Ireland manager McCarthy and chief executive Jez Moxey both set to retain their jobs in the new regime.

McCarthy surpassed expectations by guiding Wanderers into the Championship play-offs, having taken over at Molineux last July.

However, their dream of a return to the top flight, which they last graced in 2004, was ended by Black Country rivals West Brom.

Any notion McCarthy could lose his job following the takeover of Liverpudlian Morgan, who is expected to travel to Athens today to watch Rafael Benitez's side in the Champions League final, was quickly dismissed.

A statement read: ''Having been impressed by what he's seen of the club to date, Steve Morgan is keen to ensure stability and continuity by retaining Mick McCarthy as first team manager and Jez Moxey as chief executive.''

Moxey, meanwhile, said: ''Steve is pleased with what he has seen of the club and how it's been run. He's also happy with Mick as manager.

''We are a football club and we're trying to get to the Premier League. There's going to be investment into the team.

''But we're not going to have an open chequebook approach. We'll continue with the strategy we've developed this season with Mick - selecting and recruiting young, hungry players.''

McCarthy was in agreement with his chief executive, insisting he would not be wasting Morgan's money in the transfer market.

He said: ''If you look at Michael Kightly, he could play anywhere and he cost £25,000. Why not look there (in the lower leagues)?

''We haven't spent a lot of money on players but what they've all had is the desire to play and the work ethic.

''The most expensive buy was Andy Keogh and he's been brilliant. If you speak to everyone about the place they have a humility about them.

''Whoever I sign I want that attitude.''

Moxey revealed negotiations with Morgan started at the turn of the year and the remaining loose ends would be tied up in a matter of weeks.