Wolverhampton Wanderers owner Steve Morgan has shocked fans of the Championship club be announcing he has put the Midlands club up for sale.
Morgan, 62 has stepped down from the Wolves board with immediate effect and his 100% ownership stake in the club is up for sale.
He will continue to finance the club until a new owner is found but with Wolves joining Midlands rivals West Bromwich Albion and Aston Villa in search for a new owner that may not be an quick process.
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The Liverpool-based Housebuilding tycoon purchased Wolves for the nominal fee of £10 from popular late owner Sir Jack Hayward on the condition he invested £30 million into the club in 2007.
In 2009, the club were promoted back to the Premier League under Morgan and then-manager Mick McCarthy for the first time since 2004 but were relegated in their third season in 2012.
Following relegation, their key players Matt Jarvis, Michael Kightly and Steven Fletcher were all sold and Wolves suffered a second consecutive relegation to League One under managers Stale Solbakken and Dean Saunders.
Under current manager Kenny Jackett, Wanderers were able to rebuild their squad and were promoted as record-breaking champions in their first season in League One and were four goals away from making the Championship play-offs last season.
However, the club haven’t started well this season, top players Bakary Sako and Richard Stearman departed the club in the summer and fans recently criticised the transfer policy at the club after missing out on a number of transfer targets.
Morgan’s decision to sell however is still surprising given his affinity with the city of Wolverhampton.
Under Morgan, Wolves have also seen the start of the redevelopment of their ground, Molineux, where the Stan Cullis stand was expanded to hold over 7,700 bringing capacity up to 31,700.
No clear buyers have been named for Wolves, who sit 10th in the Championship following a 3-0 away win against ten-men Fulham.
At the moment, the former Premier League club aren’t the most exciting prospect for foreign ownership.
Despite a rich-history, which include once being declared “Champions of the World” in the 1950s, leading to the formations of the now-UEFA Champions League and a loyal fanbase, being outside the top flight hinders Wolves’ chances at attracting new owners.
Midlands’ rivals West Bromwich Albion and Aston Villa are also both on the market and have a much better chance of attracting investment being established Premier League clubs.
One positive for Wolves is that they are a well-run club, whilst in the Premier League they were one of the only teams that were debt-free and despite successive relegations in February 2015 posted £8.5 million pre-tax profits.
No matter who eventually buys the club fans will expect the club to continue to be run in a secure manner, especially with so many fans remembering how close to bankruptcy the club was when they dropped down to the fourth tier in the mid-1980s before Hayward’s purchase in 1990.