Championship club Wolves were put up for sale by owner Steve Morgan on Monday.
Morgan confirmed he is looking for a buyer for the English second tier team after eight years as their chairman.
The self-made multi-millionaire bought Wolves from Jack Hayward in 2007 for £10, with the promise to invest £30 million into the club.
Under Morgan’s ownership the club revamped the Molineux stadium in 2012, and spent three seasons in the Premier League after winning the Championship in 2009.
After two subsequent relegations the Midlands outfit with the distinctive amber shirt made it back to the Championship again, where they ended in 7th position last season.
Managed by Kenny Jackett, Wolves are currently 16th in the table, having missed out on the play-offs on goal difference last season.
The club has a rich history, winning the English league title in 1954, 1958 and 1959, lifting the FA Cup four times and also reaching the Uefa Cup final in 1972.
A club statement read: “Wolverhampton Wanderers FC announces today 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 per cent 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.
“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.
“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.”