Wolverhampton Wanderers chairman Steve Morgan has decided to put his 100% share in the club up for sale.
Morgan bought the club from Sir Jack Hayward in 2007 for £10 on condition he invested £30m in it.
But, in a statement, Wolves have said: “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.”