The club angered supporters when signing a three-year contract with payday loan firm The Money Shop back in 2016.

Their name has been emblazoned on Wolves’ shirts for the past two seasons and was due to form part of next season’s home and away kits.

But the Express & Star can reveal that the club has ended the contentious deal a year early with what is likely to be a substantial pay-off.

Owners Fosun will now look to attract a big-money sponsor on a lucrative contract as they prepare for Premier League football and the commercial exposure that comes with it.

More than 13,000 people signed a petition opposing the deal back in 2016 complaining that the company’s practices ‘do not fit with the ethics of the football club’.

Wolverhampton South East MP Pat McFadden was among several MPs and prominent councillors who wrote to Wolves at the time expressing their dismay at the club joining forces with a high street payday loan firm.

Mr McFadden today hailed the move to end the deal early and said: “The main thing is Wolves have got promoted to the Premier League, which is fantastic news for the club and for the city.

“Nothing should detract from that joyful moment.

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“There was controversy when the deal with the Money Shop was agreed a couple of years ago and a number of fans were not happy with it.

“So I think a change to a new sponsor will be welcomed.”

The Money Shop has worked with Wolves since 2009 and had sponsored Molineux’s South Bank stand for many years, but fans were livid at the firm being elevated to the position of main shirt sponsor.