SUNDERLAND chairman Bob Murray is poised to take full control of the football club, it emerged yesterday.
In a statement to the Stock Exchange, he announced he is weeks away from securing a controlling interest in the Black Cats.
The kitchen magnate bought BSkyB's five per cent stake in the club earlier this month, at 31p a share, taking his stake up to 42.39pc.
Under City rules, this meant he had to offer to buy the rest of the stock, at the same price, which would cost a total of £1.5m.
Some shareholders have already intimated they will part with a further 663,968 shares. This will take his holdings up to 4,291,468 shares, representing 50.1pc of the entire issue.
Football analyst Vinay Bedi, from investment managers Wise Speke, said: "In the longer term, this should be beneficial for the business. The club has one majority shareholder who can direct and focus the business as he sees fit."
The club, which became a plc in 1996, de-listed from the Stock Exchange in August last year.
BskyB bought its shares six years ago and sold them to Mr Murray for £125,000, a loss of over £6m.
Financial regulations ban Murray from discussing the situation until the close of his formal offer for the shares, on February 10. The club is also forbidden to comment.
The club's debt has now been stabilised at between £35m and £40m after it suffered millions of pounds in lost revenue following its relegation in 2003.
Martyn McFadden, editor of Sunderland fanzine A Love Supreme, said: "He has spent the last year or so tidying up the mess he admittedly made himself.
"But he is doing a good job and if fans didn't trust him, they wouldn't sell him their shares."
Read more about Sunderland here.
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