Wolves for sale: Supporters stunned as Steve Morgan's eight-year rollercoaster ride ends

Steve Morgan's decision to suddenly cut his ties with Wolves after an eight-year rollercoaster ride has left supporters stunned.

The announcement comes just weeks after the multi-millionaire businessman claimed his heart was in Wolverhampton and only adds to the uncertainty around the club following an underwhelming start to the season which has seen the murmurs of discontent on the terraces grow louder.

It was meant to be a long-term project. Morgan arrived at Molineux in 2007 after purchasing the club for £10 from Sir Jack Hayward on the condition that he would pump in £30 million.

The lifelong Liverpool supporter was bullish and claimed that he had found a new love.

He pledged that he would do everything he could to make Wolverhampton Wanderers one of the game's major powers in a glitzy stadium that could eventually house 50,000 supporters.

And what of the stadium development? The new Stan Cullis stand was hurriedly completed during the club's brief Premier League sojourn, but was then put indefinitely on hold as they plunged down the divisions.

The Wolves hierarchy has always maintained the redevelopment would continue in the future, probably if and when the club is competing in the Premier League again, but Morgan's decision to stand down throws all that into doubt.

Success-thirsty fans have grown restless in recent years and this summer questioned Morgan's commitment to the club after only around £3.5m was invested in new players – a fifth of the amount spent by some of Wolves' promotion rivals in the Championship.

And the shock sale of last season's player of the year Richard Stearman to Fulham for £2m angered supporters even more after already having seen top talent Bakary Sako depart on a free transfer earlier in the summer.

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It all started plain sailing for Morgan. He was applauded onto the pitch in 2009 as Wolves secured promotion to the Premier League under Mick McCarthy. But it would be the last time he had the universal support of the fans.

There were two years of survival in the top flight but, just like many other football club owners, there were questions about whether there had been enough investment to keep them there. Then disaster struck.

For the first time Morgan sacked a manager, dispensing of Mick McCarthy in the wake of a humiliating 5-1 defeat at home to local rivals West Brom. The decision to replace him with McCarthy's assistant Terry Connor, although likeable, lacking the sufficient experience to lead a team in the Premier League already low on morale, is arguably what defined his tenure and what many still judge him on today.

He faced an angry crowd of fans after one of many defeats under Connor against Blackburn and Wolves duly went down. Morgan's decisions the following season convinced many that he was out of his depth.

Virtually unknown Norwegian Stale Solbakken was brought in and allowed to spend around £10m before the project was abandoned just a few months later as Wolves dropped down the Championship table.

Former Liverpool and Villa striker Dean Saunders was brought in, but could not arrest the slide and Wolves found themselves in the third tier for the first time in almost 25 years.

It is only in the past two years that events on the pitch have deflected the attention away from Morgan. He has largely stayed out of the limelight and let Kenny Jackett lead the resurgence.

A season in which Wolves were expected to launch a serious tilt at promotion has stuttered so far, but it was not quite panic stations yet. And then came the latest bombshell.

Morgan was done with Wolves, his new love, the team that play in the city that has won his heart.

It is undoubtedly a baffling decision from a man who had promised he was in it for the long haul yet leaves the club pretty much exactly where he found it.

He has also made roots in the city, spearheading the new £6m Youth Zone called The Way which will open early next year and aims to get youngsters off the streets and provide them with a safe place to hang out and cultivate skills.

He delivered Premier League football but also League One football. There is no question that it was a thrilling ride, but Wolves fans will be left wondering if his heart was ever truly in it.

The shockwaves reverberated around the city in the wake of the announcement.

Former Wolves favourite Mel Eves said: "I suppose I was surprised but also not surprised when I heard.

"I think Steve Morgan has to be congratulated on what he's done and if he's decided for whatever reason he wants to hand it over, I'm sure he's handing it over in a good situation.

"It's interesting to see who could be investing in the club and take it over. Uncertainty over the future shouldn't have a negative impact on the players whatsoever – if you look at Birmingham City it's actually been positive."

Four-time cycling world champion Hugh Porter, 75, who was born in the city, said: "I'm blown away, this has come as a complete shock.

"From what I've read about Steve he seemed to have an unbridled passion for the Wolves and I thought he was the guy who was going to steer us back to the Premiership.

"It's another tough one for everyone at the club to deal with and they've not exactly been having the greatest time this season.

"I think he's done a good job for Wolves and for the city, especially in terms of the infrastructure in the city, buildings and other projects. It's a pretty hard pill to swallow."

Councillor Stephen Simkins, of Bilston East, a lifelong Wolves fan, said: "This will come as a big shock to everybody who supports the club. I feel that the city will pull together. We are in a good financial position that just needs to be reflected on the pitch.

"Fans are very loyal and stick with the club through thick and thin. From the council's point of view I am concerned about the future of the Youth Zone that he has been supporting."

Councillor Phil Bateman, of Wednesfield North, said: "Although I'm an Albion fan, I know this will be a big shock to the Wolves supporters.

"I know that he has been controversial, but he has been very good for Wolverhampton. His commitment to the football club up until today and his good deeds for the city will be long remembered when people sit down and judge his legacy, which will be very positive.

"He's had some bad luck on the playing side but Steve Morgan's involvement in Wolverhampton and the business of the city has been largely beneficial. He has not sat outside the business community and he has made the club an integral part of the what's going on terms of the area's economy."

And there are some who are not sad to see Morgan go. Amardeep Dhillon, from Punjabi Wolves, said he was delighted Morgan was bowing out.

"I'm absolutely over the moon after hearing this news," he said. "We haven't progressed since Steve Morgan took over. We're in exactly the same position as we were eight years ago, if not worse. There's been no investment, they've tried to do everything with youth, which isn't going to work. They need to be surrounded by experienced players.

"It's now obvious why we haven't seen investment over pre-season and the summer. The timing stinks to be honest, why couldn't have this been done before the season started?

"It's now going to be a massive waste of a season. There needs to be a complete overhaul from top to bottom. I hope he doesn't just sell it on to anyone now. The club deserves to have a Wolverhampton-based owner who cares as much as Sir Jack did. We'll wait and see but there doesn't seem to be too many options out there."

The decision will be an unwanted distraction for manager Jackett, who will be keen to focus on what is happening on the pitch. Although stepping down from the board with immediate effect, Morgan has promised to finance the club until a new owner is found.

What will be playing on the minds of supporters more than anything else is the fact they are heading into the unknown. There may not have been much love for the Liverpudlian and tears may not be shed over the fact he is leaving but, like him or loathe him, he has been at heart a prudent businessman and, in a financial sense, the club were in safe hands under his guidance.

While fans may be dreaming of a Middle Eastern oil barren who has always had a soft spot for Wolves coming forward with a bottomless pit of cash, there are plenty of scare stories.

Birmingham City are a local example of how wrong it can go.