Wolverhampton Wanderers owner and Chairman Steve Morgan has today announced on the club’s official website that the club is now up for sale. He has also stepped down from the board and the search for a new owner begins immediately.

A relatively brief statement was revealed by the football club this afternoon, outlining Morgan’s intentions to sell his 100% shareholding after eight years of association with the West Midlands club.

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% shareholding in the Club up for sale.

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.

Despite the shock announcement, the club highlighted the importance of carrying on as normal, insisting that it won’t have any effect on manager Kenny Jackett and his playing and coaching staff,

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.

Morgan will remain with the club until a suitor buyer can be found and shall provide continual financial support until the new investor becomes involved with the football club,

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.

62-year-old Morgan was placed as the 171st richest person in Britain in the 2013 Sunday Times Rich List, with a fortune of approximately £510million.