Tears at Molineux as Wolves mourn legend Sir Jack Hayward

Sir Jack, who died yesterday aged 91, pumped £70m of his own fortune into the club, overseeing the rebuild of Molineux and the club's long-awaited return to the top flight in 2003.

And current chief executive Moxey believes his contribution cannot be over-estimated.

"The club could have gone out of business at the time he stepped in and saved it," said Moxey before last night's heart-breaking FA Cup penalty shoot-out defeat to Fulham.

"It certainly would not have been nurtured and loved the way it has to create what we have now.

"Unfortunately a lot of people measure football by simply league position, what points have you got – but there was much more to it than that. A philanthropic approach to it as an asset for the city, to be saved for the fans, and managed in a way befitting of him as a patriot of the club." Asked where the club would have been without Sir Jack, Moxey replied: "It may not be here at all is the honest answer, certainly not in its current patronage in terms of restoring Molineux and investing in the team."

Moxey also paid a warm personal tribute, adding: "He was the most generous-hearted, kind man you could ever want to meet.

"But he also had a ruthless streak that was as tough as anyone I could ever meet.

"He was difficult to read at times, because sometimes things you would think would be of concern were not and trivial things were important to him. He was, deep down, someone who just wanted the best for others."

Moxey revealed the club are putting together a list of the causes Sir Jack, a well-known philanthropist, donated to during his life.

"He wasn't called Union Jack for nothing," said Moxey. "He has literally given away tens and tens of millions of pounds that most people don't know about."

Tributes poured in from Wolves legends and the world of Midlands football after news of Sir Jack's death emerged yesterday afternoon.

All-time top scorer Steve Bull described Sir Jack as a man who "put his heart and soul" into Wolves and made the club what it is today.

He added: "He could not have done any more and this is a very sad day."

Fellow Wolves legend John Richards, who worked with Sir Jack as the club's managing director in the 1990s, said: "He was a very special man. You don't get many people who take that sort of approach to running a club.

"He did a lot for the club and a lot for the city. You couldn't meet a nicer man."

Former manager Graham Turner believes Sir Jack's impact on the club is plain to see.

"His legacy is what you see today," said Turner. "The resurrection of the club from that period to what you see know is largely down to him."

Mick McCarthy said Sir Jack was the "perfect gentleman". He added: "I am well aware of the contribution he made to the history of the club – it was amazing."

Rival clubs in the West Midlands also paid tribute, with Albion chairman Jeremy Peace describing him as a "great football man and a great club man". He said: "He rebuilt Wolves when the club needed him most. Throughout all our skirmishes on the pitch, he was never anything other than courteous and warm off it.

"He was a huge figure, not just at Wolves, but in the region's football and everyone at The Hawthorns sends their condolences in respect of a truly remarkable man."

Stefan Gamble, chief executive at Walsall, said: "We are deeply saddened by Sir Jack's passing. He was a great ambassador for the Black Country."