Randy Lerner has placed Aston Villa FC on the market after eight years in charge of the club.
However, claims buyers are waiting in the wings to take over immediately are wide of the mark.
The US billionaire assumed control of Villa in 2006 after a £62.6million takeover was agreed with the club's board.
Villa finished the 2013-14 season in 15th position, five points above the relegation zone.
It is reported that Villa's owner has asked US bankers to help steer the sale of the club.
In a statement issued today, Lerner said: "Several weeks back, I said that, following the end of the season, I would clarify my future role with the club and address what had become seemingly constant rumours of a sale.
"I feel further that now is the time for me to look for new ownership and thus new leadership. I have asked the world of Paul Lambert and Paul Faulkner and they have both delivered selflessly.
"I owe it to Villa to move on and look for fresh, invigorated leadership, if in my heart I feel I can no longer do the job.
"During my time with Villa, I have tried to strengthen and improve the club's physical infrastructure both at Villa Park and Bodymoor Heath while also trying to carry on the McGregor tradition of being mindful of the local community we serve.
"Still, I can see now that it is time, if possible, to hand these privileges and responsibilities to the next person or group to take the club forward.
"I am appreciative of the support I have received, even in these last years of comparative struggle when criticism was due, and will look on with others - with fingers crossed, for stronger future performance appropriate to our size and heritage.
"On a practical level, the club will continue with its normal operations and plans for the summer. I've no doubt that the core staff to whom I owe a massive debt of friendship and loyalty, will continue to guide and protect the club through this period of transition according to their collective sense of professional pride and long term service to Villa - the vast majority having preceded my tenure.
"Finally, in light of the above, I have engaged Bank of America Merrill Lynch to advise on the sale of Aston Villa."