Championship club Wolverhampton Wanderers put up for sale by chairman Steve Morgan

Joe Hall
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Morgan bought the club for £10 in 2007 (Source: Getty)

Wolves chairman Steve Morgan has put his 100 per cent shareholding in the Championship club up for sale, eight years after taking control.

Morgan will continue to support the club financially as it looks for a new buyer, but will step down from the board and day-to-day activities with immediate effect.

The founder of FTSE 250 company Redrow, estimated to be worth £740m, bought Wolves from Sir Jack Hayward in 2007 for £10 - on the condition he then invested £30m.

He had previously failed in a bid to buy Liverpool.

An official statement posted to the club's website said:

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's eventful tenure at Molineux included two promotions and two relegations as the club reached the Premier League in 2010, before plummeting into League One in 2013 and eventually returning to the Championship a year later.

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