Morgan out to offload Wolves
LIVERPOOL-businessman and owner of Wolverhampton Wanderers FC has put the Molineaux club up for sale.
Morgan, the founder of Redrow housing group, is aiming to end an eight-year association with the club which he acquired from previous owner Sir Jack Hayward for a nominal £10 on the understanding he would invest £30m into the operation.
The businessman more than honoured that commitment, improving the infrastructure of the club, including funding an new stand and training ground.
However, there have been constant criticisms from fans during his reign that Morgan has failed to invest in arguably the most important aspect of the club – its players.
The timing of Morgan’s decision is somewhat strange but follows recent criticism from fans about the lack of investment in players, the sale of popular defender Richard Stearman to Championship rivals Fulham – ironically the club’s opponents tonight – and further criticisms following a disappointingly display at Preston on Saturday which saw the side claw back a point only thanks to an injury time equaliser.
His tenure has seen the club ride a rollercoaster in the football leagues. The side won promotion to the Premier League and stayed there for three seasons before sliding spectacularly down to League One before bouncing back to the Championship the following season.
The club narrowly missed out on a play-off place last season, being pipped at the final hurdle on goal difference.
Now the club is back where it was when he first brought it, struggling within the lower reaches of the Championship and dubbed the perennial ‘sleeping giant’ of the Football League.
The announcement that the club was being put up for sale was placed on the Wolves website yesterday. It said that after eight “eventful and enjoyable years” and after much thought, Morgan had decided to put his 100% 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 (Jez Moxey) with the current board overseeing operations,” it said.
In an attempt to reassure worried fans, it went on: “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.”
It concluded that Morgan wished to thank everyone connected with the club for their support and he wished the club well in the future. Besides this it said he would be making no further comment.
The move means Wolves now joins West Midlands rivals Aston Villa, West Bromwich Albion and Birmingham City in a hunt for new ownership.
There has been no figure placed on the club but the sale process is unlikely to be a swift one. Villa has been up for sale for more than 12 months and even with the massive Premier League revenues at its disposal has been unable to find a suitable buyer.
