Sunderland taken off the market by owner Ellis Short
Ellis Short has taken Sunderland off the market after the collapse of takeover talks and the appointment of new manager Simon Grayson.
Speaking as he presented Grayson to the media on Friday afternoon, chief executive Martin Bain revealed that the club is no longer for sale with current owner Short, who has already ploughed in the region of £250million into the business, still underwriting its running costs.
Asked if a sale had been "parked" following ultimately unsuccessful discussions with two potential buyers, Bain said: "I wouldn't say it's been parked, I would say actually the club is not for sale now.
"At this moment in time, Ellis has very much said, 'I will listen to the parties, but I will set a deadline and if they can take the club forward on and off the pitch...'.
"He has a responsibility to this club, he has a love of this football club and he decided it wasn't in the best interests of the club to carry on those discussions any further.
"What I would say is, he has owned the club for nearly nine years now, he has funded the club hugely. He is still very much committed to the football club, he still funds the football club and there are many clubs that actually would be envious of having an owner like Ellis Short."
Short and Bain have promised Grayson a competitive, if not limitless, budget with which to rebuild a squad which in in serious need of an overhaul and the 47-year-old former Preston boss has promised to invest it wisely.
Grayson said: "We have got a realistic budget. It isn't going to be the top budget in the division, but it's not going to be the bottom one.
"I'm a Yorkshireman, so I don't spend money unwisely and that will be the case while I am at this football club, to get players in who want to play for the club.
"There are a lot of players who have been at this club who have probably come for the wrong reasons, but the ones that are going to be coming will be coming to play football and improve this football club."
Jordan Pickford's £30million departure for Everton has boosted the club's coffers, but while all the proceeds will not end up in Grayson's hands, Bain has challenged the perception that the club's finances are parlous.
He said: "Yes, we made a big sale recently in Jordan Pickford. You may ask, 'Does all that go to the transfer kitty?'. Well, no.
"You take a drop in revenue on roughly 58 per cent in TV money from the Premier League to the Championship, we have obviously got legacy payments with some transfers from the past, so it all goes into the mix.
"But it's not what I would describe, as people have done, as a perilous situation that Sunderland Football Club is in. Sunderland Football club has an owner that supports the football club, we have TV money, but we are going to have to juggle."
Grayson, who was coy when asked about links with Aiden McGeady and Jordan Hughill, with whom he worked at Preston, was at pains to inject a little positivity into the club, in stark contrast to the gloomy, albeit accurate, predictions of predecessor Moyes.
Asked if an immediate return to the Premier League was a realistic aim, he said: "Why do you want to set off at the start of the season without any ambition of trying to be in the next division?
"Hopefully we will be talking at the end of the season and we have managed to achieve what everybody wants to achieve."
Meanwhile, defender John O'Shea has agreed a one-year contract extension and Fabio Borini has completed a season-long loan move to AC Milan with an obligation to buy.