Wolverhampton Wanderers FC chairman Steve Morgan announced Monday plans to sell his 100 percent shareholding stake in the club following eight years at the Molineux Stadium.
Morgan will step down from the board immediately, with day-to-day operations being managed by the club's chief executive, Wolves reported on their official website.
STATEMENT | Steve Morgan has put his 100% shareholding in the Club up for sale and steps down from the board. pic.twitter.com/KzBqNZBBEb
— Wolves (@OfficialWolves) September 28, 2015
"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," the statement read.
The multi-millionaire purchased Wolves from Jack Hayward in 2007 for £10 million, with an agreement to invest an additional £30 million.
Under Morgan's tutelage, Wolves spent three seasons in the Premier League after winning the championship in 2009.
Wolves currently sit 16th in the English Championship with only two wins from their first eight matches. The squad travels to Craven Cottage on Tuesday for a mid-table showdown with Fulham where a victory will vault either side into the top half of the table.
