Steve Morgan has announced that he plans to sell Wolverhampton Wanderers. The 62 year-old businessman has stepped down from the club’s board with immediate effect but will continue to provide funding until a new buyer is found.
Morgan bought the West Midlands club from Sir Jack Hayward in 2008 for an initial £10, after promising to invest £30 million into the club. Hayward was keen to sell the club to Morgan, saying at the time “we did not want to go the way of so many clubs and hand over to foreign investors”.
Wolves have fluctuated between the Premiership and League One during Morgan’s ownership and his decision to sell the club has been met with a mixed reception by the club’s fans. A number of fans are believed to have been angry at the lack of investment in the playing squad this summer and the perceived lack of progression from last season.
Despite yesterday’s announcement, Wolves fans could be in for a lengthy wait before a new owner is announced with fellow Midlands clubs Aston Villa and West Brom currently having huge difficulties in finding new owners.
Wolves are currently sitting in 16th place in the Championship and travel to Fulham tonight.