Ex-Wolves owner gives £50m for diabetes cure
FORMER Wolves owner Steve Morgan is donating £50 million to help fund new treatments for type 1 diabetes. The housing tycoon said he was determined to help help find a cure for the condition, which his step-son has.
The multi-millionaire businessman revealed details of the incredible donation to charities Diabetes UK and JDRF UK alongside his wife Sally and step-son Hugo. It’s not the first time that Mr Morgan, who owned the Molineux club between 2007 and 2016, has made a heartwarming charitable gesture through his Steve Morgan Foundation.
He gave millions to cashstrapped charities at the height of the coronavirus pandemic as many battled for survival and famously helped launch The Way youth centre in Wolverhampton.
Type 1 diabetes has no cure and sufferers have to manage the condition by injecting insulin and monitoring their blood sugar levels.
Mr Morgan said: “We realised that the big problem was lack of funding. The research is always short-term because of the funding, it never really gets going.
“We said ‘look, we’ve got to do something about this, we’ve got to try and advance a cure’, so that’s what it’s all about. We’ve put £50 million in over five years and hopefully we’ll make some advances.
“It would be in our wildest dreams to get a cure at the end of these five years. It’s probably unlikely but what it will do is advance technology and bring the day forward when we get a cure.”
Mr and Mrs Morgan added in a statement on the Foundation’s website: “We know from our own experience the impact that type 1 diabetes has on family life - it’s something we carry with us every day. But with research we can change that, and allow people with type 1 diabetes and their families to live without this relentless, lifelong condition.”
The Redrow founder bought Wolves for a nominal £10 from Sir Jack Hayward in 2007 and remained at the helm during a rollercoaster nine years which saw the club achieve promotion to the Premier League and suffer relegation to League One. The Liverpudlian businessman sold the club to current Chinese owners Fosun in 2016.