Wolves chairman Steve Morgan has put his 100 per cent stake in the club up for sale amid pressure from supporters.
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Steve Morgan, who founded residential property development firm Redrow in 1974, is selling the club after eight years’ ownership.
The decision means that four West Midlands clubs are effectively on the market.
It added: “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”.
And the 62-year-old will leave with immediate effect, delegating the day-to-day operations of the club to the current Chief Executive and board of directors, who will now have a job on their hands in replacing their previous owner.
He paid a nominal £10, alongside a guaranteed £30m investment, which included the construction of a new stand at the North Bank end of the stadium.
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Wolves played in the Premier League between 2009-12 before suffering successive relegations. Mick McCarthy, the manager when Morgan arrived in 2007, was sacked in February 2012, after which Terry Connor (78 days), Stale Solbakken (190 days) and Dean Saunders (121 days) all had brief spells at the helm.
