Wolves were scheduled to travel to South Korea on 21 July.

They are now looking for an alternative "European solution" for their preparations for the 2023-24 season.

Wolves forward Hwang Hee-Chan is a South Korea international and had said the tour to his home country "means everything to me".

"We have been in close dialogue with the tour promoters for the past two months as they sought new investment, following the loss of the original tour investor," said Wolves general manager for marketing and commercial growth Russell Jones.

"But unfortunately, and despite numerous promises, they have not delivered,

"We've not taken this decision lightly and have explored every avenue thoroughly in an attempt to not let our fans down, including numerous conversations with other local promoters.

"Of course, this decision is a big blow to the club from a commercial perspective, but I am fully aware of the most important reason for pre-season, which is the preparation for another important Premier League campaign.

"Because of this, we have to move on quickly from this disappointment. We have to adapt, and will find a European solution to ensure the best possible preparation."