Sir Jack Hayward has announced his intention to step down as Wolves chairman.
Hayward told a sportsman's dinner at Molineux last night he would give away the club for free to any consortiums that can guarantee significant investment.
The 80-year-old will not seek to recoup a penny of the vast sums he has ploughed into the club since taking it over in 1990 and will write off some £40 million sterling owed to him.
Wolves chief executive Jez Moxey said today: "Sir Jack is beginning to feel that he has done his bit for the club.
"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."
However, Moxey stressed that the club was not strictly up for sale and that Hayward would not curtail his investment prior to a potential handover.
Hayward had said privately last season he would give away the club if they failed to gain promotion to the Premiership.