Sunderland takeover bid in doubt
Monday, 19 June 2006 21:35Niall Quinn's bid to take over Sunderland appears to have been dealt a blow with the news that four key investors are thought to have withdrawn their support.
The Sunderland Echo has reported that Sean Mulryan, Paddy Kelly, Tom Moran and Pat Power, who were among a group of eight potential backers comprising Quinn's Irish consortium, are believed to have pulled out.
It is suggested the collapse of the consortium is the result of its failure to attract a manager of proven quality to succeed Mick McCarthy.
The Black Cats cannot comment on the situation because of Stock Market rules, although they hope talks can resume soon in some form.
It is the latest development in a 10-week saga which has seen two previous consortia fall apart.
The eight-strong group was assembled earlier this month and talks were thought to be progressing slowly but surely.
However, the loss of the four wealthiest members would come as a major blow.
Mulryan has a personal fortune of £234million while Kelly and Moran are worth an estimated total of £111million.
Quinn has worked all summer on putting together a deal to buy out current chairman and majority shareholder Bob Murray, who promised last week that he will stand down on June 30.
The deal could amount to around £16million for a club which still has debts totalling up to £40million.
Sunderland plummeted out of the Barclays Premiership with a record low 15 points at the end of last season, and their fans had hoped new blood in the boardroom might have signalled a change of fortunes.
But with the players due back in for pre-season training on Monday, they have a chairman who will remain in post for just another week, no manager, no summer signings and a huge question mark hanging over Quinn's efforts to mount a successful takeover bid.
