American tycoon Ellis Short is to secure 100 percent control of English Premiership club 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.”
Short, who had previously kept a low profile since becoming involved with the club, has recently become a more public figure, appearing beside Quinn in the directors’ box at Portsmouth last Monday and then again at the Stadium of Light at the weekend.
He was on hand to witness the wild celebrations as the Black Cats secured their Barclays Premier League status despite a 3-2 defeat by Chelsea as arch-rivals Newcastle slipped into the Coca-Cola Championship.
However, amid suggestions he could pump up to a further 20 million pounds 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 pounds 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 amid suggestions they have gone some of the way towards appointing Wigan’s Steve Bruce, 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.”
