Wolverhampton Wanderers owner and chairman Steve Morgan has revealed that he intends to put his share of the club up for sale.

The 62-year-old businessman has announced his intention to step down from the board with immediate effect after eight years at the helm.

Day-to-day running of the Championship outfit will continue to be managed by chief executive Jez Moxey, while the process of finding a new owner is now officially underway.

A statement on the club's website adds: "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.

"He would like to thank everyone connected with the club for their support and backing over his tenure to date and, as always, wishes Wolves every success for the future. Steve will not be making any public comments in relation to this announcement."

Liverpool-born Morgan has previously attempted to take full control of the Anfield side, and had an initial offer of £63m rejected in 2004.