Ellis Short to remain Sunderland owner as takeover talks end, with Simon Grayson set to arrive as manager

Ellis Short is set to stay on as owner of Sunderland AFC after the club announced they have ended talks with prospective buyers.

The American was open to selling the club this summer and held discussions with a number of interested parties. A German consortium were the most serious bidder but valued the club way below Short's £90m asking price.

With the takeover process having cost Sunderland their top managerial target, Derek McInnes, there was a need for clarity on the ownership issue so that they could begin the rebuilding process and try to win promotion back to the Premier League.

To that end, the club today released a statement confirming takeover talks have ended and that they have permission from Preston North End to speak to their first-team coach Simon Grayson, who is expected to join the Black Cats once personal terms are agreed.

"Recently, we informed supporters that discussions were taking place with parties who had expressed an interest in acquiring ownership of Sunderland AFC," the statement read.

"Subsequently, more detailed talks were held over the last week with one of these groups.

"Ellis Short and the board were committed to ascertain if this group was better placed to take the club forward in the right way and to improve it, both on and off the pitch.

"A defined timeframe was placed on discussions to ensure that the club could move forward quickly and decisively with its plans for the new season should they not come to fruition.

"We have concluded these talks and have determined that this proposed sale would not be in the best interests of Sunderland AFC.

"Ellis Short will continue his commitment to the club, both financially and personally, moving forward.

"We would like to thank our supporters for their patience during what we know has been a period of uncertainty and frustration for them.

"Preston North End have granted us permission to speak with Simon Grayson regarding the manager’s position."

47-year-old Grayson has a fixed release clause in his PNE contract and would bring stability and Football League nous to the Stadium of Light.