Sunderland owner Ellis Short will remain in control of the club after proposed takeover talks collapsed, the English Championship club said on Thursday.
Sunderland, who were relegated from the Premier League last season, ended talks with one of the interested groups, saying the proposed deal would not be in the best interest of the club.
“A defined time frame 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,” Sunderland said in a statement.
“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.”
The Black Cats, who had not confirmed the identity of the interested buyers, also said they have been granted permission to speak to fellow Championship side Preston North End’s Simon Grayson to fill the vacant managerial position.
David Moyes stepped down as Sunderland boss last month after the club finished at the bottom of the top-flight standings.