Wolves fans praise Steve Morgan's £200m charity gift

He made the donation in the form of 42 million shares in the firm – equating to 11.63 per cent of the company's shares.

Mr Morgan's offering was hailed by members of the Wolves fanbase, including Simon Constable who simply said: "Well done sir."

Julie Holland wrote on Facebook: "That's a great thing to do, it will help a lot of people."

But his donation to The Morgan Foundation has come under question from some sections of the club's support, who asked why he had not spent more on Wolves during his nine-year tenure.

Dean Holden wrote: "If he had put it in team they may be better than what they are."

Mr Morgan, aged 64, took over Wolves from Sir Jack Hayward in 2007, before being bought out by Fosun Group last year.

Jane Harris, administrator of The Morgan Foundation, said: "Steve Morgan's incredible generosity will mean a huge and profound step-change for The Morgan Foundation.

"Our ethos is based on making a difference and Steve's gift of over £200 million means we will be able to help thousands of more people in need.

"We can also ramp-up the donation of smiley buses which have made such a positive impact to the disabled and socially isolated in our region.

"I'm also delighted to say we are actively planning some very exciting, and significant, capital projects and we'll be announcing more details soon."

Since the Foundation was formed in 2001 by Mr Morgan, it has committed £35 million to good causes in North Wales, Merseyside, West Cheshire and North Shropshire.

During his time at the helm at Wolves Morgan also helped fund The Way Youh Zone in the city centre. Championed by Morgan and with additional backing from the Morgan Foundation, The Queen's Trust and St James's Place Foundation it became a reality last year.

Mr Morgan founded Redrow during the course of 1974.