American businessman Ellis Short is to secure 100 percent control of Sunderland.
The club’s majority shareholder, who bankrolled their summer spending spree last year, will complete his buy-out of the Drumaville consortium put together by chairman Niall Quinn three years ago.
Quinn told the club’s official website, www.safc.com: “This is fantastic news for the club.
“Ellis has already shown tremendous commitment to date, but today’s announcement opens the door for a new era at the Stadium of Light.”
However, amid suggestions he could pump up to a further £20 million into the club, Quinn revealed Short has already played a major role in its recent development.
“Even before today, he has personally invested more in Sunderland than all previous chairmen, directors and owners combined in the club’s history.
“Late last summer, he injected tens of millions of pounds to fund our new signings and the resultant increased wage bill.
“In going forward, as long as we invest the funds wisely, he will continue to provide what has been the missing ingredient in Sunderland’s make-up, namely the financial muscle necessary to compete at the highest level.
“And Ellis’ involvement to date also enabled us to turn down a club record bid of up to £20 million for Kenwyne Jones from Tottenham Hotspur in the January transfer window.”
News of Short’s takeover came as the club launched its search for a new manager, although Quinn insisted they would take their time.
He said: “It goes without saying that the search for a new manager has started, and we will take what ever time is necessary to make this important appointment.
“It is imperative that we find somebody who will raise the bar and introduce a whole new mentality to our dressing room.”