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Simon Grayson is the new manager of League Championship side Sunderland after Owner Ellis Short "ended his attempts to sell the club following the collapse of takeover talks with a German consortium," according to Luke Edwards of the London TELEGRAPH. Grayson "is fully aware of the financial restrictions in place after relegation from the Premier League." The former League Championship side Preston North End manager "will still have a larger transfer budget at the Stadium of Light" than he enjoyed at Preston. There "will be frustration that a takeover has not taken place." Sources said that a deal "was always unlikely" as the German consortium was "struggling to put a persuasive business plan in front of Short" to show it had "the funds to both buy the club and ensure it was competitive in the Championship." The delay in calling off the talks "was due to the fact Short has been desperate to sell and wanted to explore every option in an attempt to sever his ties." Sunderland has debts of around £100M ($130M), which include a £70M ($91M) bank loan (
TELEGRAPH, 6/29). REUTERS' Hardik Vyas reported Sunderland said that the proposed deal "would not be in the best interest of the club." The club said in a 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" (
REUTERS, 6/29).
