Wolves for sale: Steve Morgan's time constraints behind decision to quit, says Jez Moxey

Moxey broke Wolves' silence on Morgan's move to put the club up for sale and step down from the board.

In a revealing 30-minute press conference, Moxey revealed:

• Morgan has 'reassessed' his time commitments and felt the time was right to leave Wolves.

• A spat with fans did take place before Saturday's game at Preston.

• It was 'unfortunate' if 'vitriol' was behind Morgan's decision.

• He wasn't shocked when Morgan told him he was selling up on Monday

• Wolves are open to offers from around the globe.

Moxey said he was 'extremely saddened' by the news and warned it could take 'some time' to find Morgan's replacement. The chief executive said 'vitriol' from some fans, including a confrontation before the Preston game, had taken its toll.

The outgoing chairman will be involved in the process to find his successor. Morgan recently divorced his second wife and Moxey said he could no longer devote the 'time and energy' to Wolves.

"His passion and commitment towards the team has taken up an enormous amount of time and energy," Moxey told a packed press conference.

"Steve told me there isn't one single reason why - its's more a cumulative factor.

"Following his divorce over two years ago he now has a new partner.

"He was reassessed his time commitments and feels the time is right to pass the club on

"He will of course work with us on the sale and finding a new owner."

Moxey paid tribute to the 62-year-old owner, pointing out he had sanctioned £85m on buying new players during his eight years at Wolves, and that players such as Bakary Sako and

Benik Afobe weren't sold for big transfer fees because 'Steve wanted to have the best possible team'.

And he revealed he wasn't surprised when he took the call informing him of Morgan's decision on Monday.

"Was i informed beforehand, no, am I surprised, not really," Moxey said.

"Running a football club is very difficult, very challenging.

"We talked it through but it became clear very early on he wasn't for changing his opinion.

"It's not only sad for Wolves, but for the city as well.

"He knows criticism comes with the territory, but if some of the vitriol has contributed to this decision it's very unfortunate.

"When Wolves was put up for sale it took four years to find Steve.

"The task of finding someone equal or better than Steve Morgan will be an enormous challenge.

"We want to find the right person, from wherever that comes. Steve's reputation is very important to him, so his legacy will, I'm sure, be important to him."

On the timing of Morgan's decision, which has been criticised by supporters, Moxey added: "With Steve you've got to understand he's a very decisive person, and a very honest person, and when you have those two combinations, when he reaches a decision in his mind, he'll do it now.

"He'd been reflecting on it for some time, it wasn't a knee-jerk reaction.

"He did have some words, or Wolves supporters had words with him, and Preston fans, as he left.

"That's part and parcel of the game. At no point has he said to me that supporters have driven him out."

Moxey said there was no timescale on the search for a new owner but admitted Wolves would have to 'address' how much money the outgoing chairman would contribute to the club in the interim.

"We will have support from Steve, he's stated that," Moxey said.

"Whether we're going to spend millions on new players, some people say we've never done that anyway.

"We'll have to address that, whether we can afford to do it.

"I hope the sale takes place reasonably quickly, but i'm dampening down expectations."

Morgan took over from Sir Jack Hayward in 2007, paying a nominal £10 but investing £30m into Wolves.