Breaking news: Takeover complete
Niall Quinn's Drumaville consortium have taken over full control of the club.
The deadline for shareholders to accept the bid of Niall Quinn's Drumaville consortium was reached today at 1pm, and at 5pm today, the group released a statement confirming that they had been successful in their bid.
While the consortium did not quite reach the desired figure of 90%, acquiring 89.17% of the shares, the consortium are expected to reach the 90% mark with some shareholders late to respond, and some shareholders having filled their forms in incorrectly.
Chairman-elect and manager Niall Quinn decalred,
'It's great news, I'm thrilled. My staff, the players and the fans now all know which direction they are heading.
'It's a great feeling and it could not have come at a better time.
'I really feel now that together we can all get the job done, the direction is carved out.'
Following completion of the deal Quinn revealed that he had already lodged three bids for players by fax. It's the kind of activity Sunderland have been praying for since rumours of the takeover began. Let the games begin!