Hayward owned Wolves for 17 years until 2007 when he sold the now second tier club to Steve Morgan. He died in Fort Lauderdale in Florida on Tuesday, having been ill for several months.
He oversaw the transformation of the club's old Molineux ground into a modern all-seater stadium and helped lead the club into the Premier League in 2003.
He was renowned for a string of philanthropic acts including buying Lundy, an island off the south west coast of England, for the National Trust and making a large donation to help re-build a hospital after the Falklands War.
“On behalf of everyone connected to Wolverhampton Wanderers: thank you, Sir Jack. You’ll never be forgotten,” said Morgan on the club website (www.wolves.co.uk)
(Reporting by Toby Davis; editing by Justin Palmer)
