Tuesday 29 September 2015 15:36, UK
Wolves owner and chairman Steve Morgan has put the club up for sale after eight years at Molineux.
Morgan's first attempt to buy a club ended in failure at Liverpool in 2007, and he then turned his attention to Wolves - buying the club for £10 from Sir Jack Hayward with the promise to invest £30m. He then oversaw promotion to the Premier League in 2009 with manager Mick McCarthy.
The club spent three seasons in the top flight before successive relegations saw them drop into League One with three different managers, before securing an immediate return to the Championship under Kenny Jackett in 2014 by winning the division with 103 points.
Wolves finished last season in seventh place and are currently 16th with nine points from eight games this term.
A statement on the Wolves website read: "Wolverhampton Wanderers FC announces that after eight eventful and enjoyable years at the club, and after much thought, owner and chairman Steve Morgan has decided to put his 100 per cent shareholding in the club up for sale.
Steve would like to relay to all concerned that his ongoing commitment and financial support to Wolves will continue until a new owner can be found.
"Steve will step down from the board with immediate effect and day-to-day activities will continue to be managed by the chief executive with the current board overseeing operations.
"While the process of finding a new owner is being undertaken it is very much business as usual for the head coach, players, staff and all other stakeholders involved with Wolves.
"Steve would like to relay to all concerned that his ongoing commitment and financial support to Wolves will continue until a new owner can be found.
"He would like to thank everyone connected with the club for their support and backing over his tenure to date and, as always, wishes Wolves every success for the future.
"Steve will not be making any public comments in relation to this announcement."
