Wolves for sale: Abuse from fans was the final straw for Steve Morgan

Morgan decided to put Wolves up for sale last week, 48 hours after being involved in angry exchanges with supporters before the team's away game at Preston.

He also stepped down as chairman, in a move that has thrown the club into limbo.

Former Wolves director Kevin Threlfall played a key role in convincing Morgan to buy Wolves from Sir Jack Hayward in 2007.

And he believes Morgan has simply had enough of the club, adding that he thought the 62-year-old did a 'fantastic' job in his eight-year tenure.

Mr Threlfall said: "It all came about from when he went to Preston, when the fans had a go at him.

"It seems he was with his new partner, and her son, and he had some abuse from fans who said that he hadn't put his hand in his pocket. He decided to sleep on it and thought he's had enough.

"What's strange is that when Sir Jack first contacted me and asked me to get involved and sell the club, it was because he felt the fans had turned against him.

"Sir Jack had put in £85million and supporters still thought it wasn't enough. I think that's probably what happened to Steve in the end."

Last week's announcement came so out of the blue that senior members of the Wolves hierarchy had no idea it was coming.

Time constraints were also cited as a reason behind Morgan's departure, with chief executive Jez Moxey adding at a press conference last week that Morgan had recently divorced his second wife.

Self-made multi millionaire businessman Mr Threlfall – who judges Wolves to be worth up to £50million – expressed concerns at the club's short term future, particular in the transfer market.

But added it was 'very sad' that Morgan had left and that he felt guilty for his role in bringing the Redrow boss to Wolves, when he was on the board in 2006 and 2007.

Mr Threlfall also believes Morgan won't necessarily look to make a profit when he sells the club.

Mr Threlfall, from Perton, added: "He went to most games and put his heart and soul into it. I don't think a profit matters to Steve – it'd be chicken feed considering what he's worth."