Sunderland sale brings the house down

ELLIS SHORT is ready to sell Sunderland for virtually the same price as his house.

Owner Short (right) is slashing his asking price for the struggling Championship outfit to little more than the £57m his luxury west London pad is on sale for.

The American businessman has been looking for a way out of the Black Cats for the past two years and thought he’d found a buyer in June. But talks with two parties broke down, while a Middle East consortium cooled their interest after seeing the books.

Sunderland’s latest accounts, released six months ago, revealed a club £110m in debt. Despite relegation and dwindling

crowds, that figure has been significantly reduced following a series of cost-cutting measures.

In June, when Simon Grayson was unveiled as the Black Cats’ latest manager, chief executive Martin Bain claimed the club was no longer for sale.

That remains the case but Starsport understands discussions have taken place between Short’s people and other parties over a potential sale.

Those interested have been told the new price for the club could be as little as half the £120m he wanted just four months ago.

Last year, chairman Short appointed Inner Circle Sports to seek would-be buyers and the New York-based investment bank produced a glossy brochure advertising the benefits of the club.

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It failed to produce the desired sale, with Short himself pulling out of talks with a German businessman and a London-based supporters’ group not following up their initial interest.

Talks with Chinese and American investors also collapsed.

The loss of Premier League status – with little prospect of promotion in the short term – has cut Sunderland’s value again.

While Short can expect a whopping profit on the Chelsea home he bought in 1997, that would be dwarfed by the hit he is likely to take on the club he took over a decade later.

Short has ploughed almost £250m into a club which has struggled on the pitch during his tenure.

He has pledged to carry on underwriting running costs while he remains the owner.

But Short now accepts that to sell the Black Cats, the price must drop again.

Sunderland did not wish to comment.