Wolves chief executive Jez Moxey hailed the imminent arrival of Steve Morgan as the club's new owner, but insisted the Liverpudlian businessman will not have an 'open chequebook approach'.Morgan, who launched an unsuccessful takeover bid for Liverpool in 2004, has agreed to pay outgoing owner Sir Jack Hayward a nominal £10 fee for the Molineux club but has agreed to pump a minimum £30million into Wanderers. But while that is sure to please manager Mick McCarthy - and increase the club's financial muscle in the transfer market - Moxey insists they will not succumb to the dangers of boom and bust economics. He told Sky Sports News: 'We are a football club and we're trying to get to the Premier League. 'There is 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.' One player who fits that bill perfectly - 21-year-old winger Michael Kightly - has enjoyed an outstanding first season after signing from non-League Grays Athletic. Now McCarthy, who has received Morgan's backing to continue in charge, wants more of the same. McCarthy said: 'If you look at Michael Kightly, he could play anywhere and he cost £25,000. '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.' Meanwhile, both men paid glowing tribute to Hayward who has spent in the region of £50million on his local club since buying it for £2.1million in 1990. McCarthy said: 'He's been a wonderful owner. What a magnanimous, gracious thing to do, to hand it over and take nothing out of it. 'Quite clearly Sir Jack's love of the club has been evident all of the time. His desire to leave it in the right man's hands has been evident from the start.' Moxey was equally warm about the legacy of the man who brought him to Molineux from Stoke. He said: 'I think what Sir Jack wanted was a British businessman, ideally, someone who had the club at heart. 'Steve will inject £30million into the club and, with Sir Jack having done what he's done, giving it away for nothing, it is a gift to the fans. 'This is not about money for Steve Morgan, though, it's about safeguarding the future of the club.' Hayward will remain the club's life president, while his grandson Rupert will join the club's board.