THE NIALL Quinn-led Drumaville consortium has sold its stake in Sunderland Football Club to US backer Ellis Short.
The deal gives Mr Short, who oversaw multi-billion dollar investments by Lone Star Funds in Asia, 100 per cent control of the Premier League club.
A former Black Cats player, Mr Quinn will continue to run the club as chairman.
The Drumaville consortium, which consisted mostly of Irish businessmen including publican Charlie Chawke, bought Sunderland for €12.65 million in 2006 when it was at the foot of the Football League Championship.
They cleared the club’s €40 million debt and hired Roy Keane as manager, who went on to win promotion in the Premiership in his first season in charge.
“This is fantastic news for the club,” said Mr Quinn. “Ellis has already shown tremendous commitment to date but today’s announcement opens the door for a new era at the Stadium of Light.”
The full takeover by Mr Short, who was already the majority shareholder, may provide as much as £50 million (€57.6 million) to strengthen the squad as Sunderland looks to move up the league next year, according to British press reports.
Sunderland finished 16th in the Premier League this season, two points above the relegation positions. Sunderland’s fate was not decided until the final day of the season, with northeast neighbours Newcastle and Middlesbrough making the drop into the Championship.
Irish-American Mr Short’s move to buy out the other shareholders – the financial terms were not revealed – comes as the club seeks a new manager, with Wigan’s Steve Bruce a leading contender. – (Additional reporting Bloomberg)
