Sir Jack Hayward has announced he intends to step down as chairman of Wolverhampton Wanderers.
Hayward said he would give away the club for free to any consortium that could guarantee significant investment.
The 80-year-old will not seek to recoup a penny of the vast sums he has ploughed into the West Midlands outfit since taking it over in 1990.
He will also write off approximately £40m owed to him.
"Sir Jack is beginning to feel that he has done his bit for the club," said Wolves chief executive Jez Moxey.
"He has toiled with this club for 18 years and what he would like to do is just turn up as a fan which is what we all know he is at heart."
Moxey stressed, however, that Wolves were not strictly up for sale and that Hayward would not curtail his investment prior to a potential handover.
"There is no fire-sale going on and this club will not change hands lightly," said Moxey.
"Sir Jack is intending to talk to anybody who has the desire and the deep pockets to invest in the club and take it to the next stage.
"He is interested in passing the torch. Until that happens we will carry on as normal."
Hayward said privately last season that he would give away the club if Wolves failed to gain promotion to the Premiership.
Wolves have subsequently received some criticism for their level of investment after going up via the play-offs, but this is not believed to be related to Hayward's decision.
Part of Hayward's stipulation will be that any new owners sign a legally binding document ensuring that 25% of the club passes into the control of the supporters.
Hayward said he would give away the club for free to any consortium that could guarantee significant investment.
The 80-year-old will not seek to recoup a penny of the vast sums he has ploughed into the West Midlands outfit since taking it over in 1990.
He will also write off approximately £40m owed to him.
"Sir Jack is beginning to feel that he has done his bit for the club," said Wolves chief executive Jez Moxey.
"He has toiled with this club for 18 years and what he would like to do is just turn up as a fan which is what we all know he is at heart."
Moxey stressed, however, that Wolves were not strictly up for sale and that Hayward would not curtail his investment prior to a potential handover.
"There is no fire-sale going on and this club will not change hands lightly," said Moxey.
"Sir Jack is intending to talk to anybody who has the desire and the deep pockets to invest in the club and take it to the next stage.
"He is interested in passing the torch. Until that happens we will carry on as normal."
Hayward said privately last season that he would give away the club if Wolves failed to gain promotion to the Premiership.
Wolves have subsequently received some criticism for their level of investment after going up via the play-offs, but this is not believed to be related to Hayward's decision.
Part of Hayward's stipulation will be that any new owners sign a legally binding document ensuring that 25% of the club passes into the control of the supporters.
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