Ellis Short is closing on a full blown takeover of Sunderland.
The News of the World says Short intends to buy out the entire remaining stake of the Drumaville Group that took over at the Stadium of Light almost three years ago.
The eight-man consortium, which pumped in £10million to rescue the club in 2006, has suffered during the fall in the Irish economy and need a way out. Short invested heavily in Sunderland last year, increasing his holding to just under 30 per cent.
Now Short, who made his wealth through hedge funds and bank buyouts, has put in place a deal to buy the remaining stakes and take 100 per cent control.
"This will be very good news for Sunderland," said a source. "It will give a real platform from which to grow."