Sunderland have announced that they have pulled out of takeover talks with one of the parties interested in buying the club.
There were thought to be two bids on the table for the relegated Black Cats last week, but one of those - a group of Sunderland supporters - pulled out shortly after their interest became known.
The club have now released a statement revealing that they have ended talks with another interested party, leaving Ellis Short to remain in charge at the Stadium of Light.
"Recently, we informed supporters that discussions were taking place with parties who had expressed an interest in acquiring ownership of Sunderland AFC. 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," read the statement.
"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."
Sunderland have renewed their search for a manager in the meantime, and have been given permission to speak to Preston North End boss Simon Grayson.
