Councillors Roger Lawrence and Peter Bilson, who are leader and deputy leader of City of Wolverhampton Council and both Wolves season ticket holders, said it was vital that the city and the wider Wolves family stick together.
The club has said that despite Monday's announcement it's 'business as usual' with the day to day the running of the club continuing to be the responsibility of chief executive Jez Moxey.
Councillor Lawrence said: "This news has undoubtedly come as a shock to everyone both inside and outside of Molineux. Steve's passion and ambition for Wolves and the wider city has always been obvious. He will have his own reasons and we should respect his decision. We must all stick together as the Wolves family.
"Wolves is part of the DNA of this city and as fans we must recognise that what is important now is the future. In chief executive Jez Moxey, the club has a vastly experienced, highly competent operator at the helm and he, Kenny Jackett and the staff and players need our support to take Wolves forward.
"Steve has said that his commitment and financial support to Wolves will continue until a new owner can be found. The season has a long way to go and we must show our support on and off the pitch."
Councillor Bilson said: "Steve Morgan has invested not just in Wolves, but also in the wider city through the new Youth Zone, the wonderful facilities at Compton Park and the community trust. We enjoy a strong relationship with both Steve and Wolves and will support him and the club in any way we can to ensure that what happens next is in the best interests of Wolves and Wolverhampton."
- released: Wednesday 30 September, 2015