NIALL Quinn's consortium are hoping to make a formal offer for Bob Murray's controlling stake in Sunderland by the end of next week.

But even if it is immediately accepted by the Black Cats chairman, the Irishman will not complete his proposed takeover until the end of June at the earliest.

And if the current process of due diligence drags on until the squad return to pre-season training on June 26, Quinn is ready to walk away from Wearside forever.

A number of media reports yesterday suggested that the former Black Cat was just seven days away from completing his takeover at the Stadium of Light.

The Irishman's representatives are hoping to have completed their examination of the club's books by that stage, paving the way for a formal approach to Murray.

But, with Sunderland still having to abide by Stock Exchange rules for the next ten years despite their recent de-listing, Quinn's purchase of the current chairman's 56.8 per cent controlling stake would merely be the start of a formal takeover process.

Quinn would then have to make a 'Rule 9 offer' to every remaining shareholder, offering the same terms as he agreed with Murray.

With most shareholders likely to support the takeover, the former Republic of Ireland international would be confident of reaching the 90 per cent ownership that would trigger a 100 per cent buy-out of the club's stock.

While Quinn's consortium would still enjoy a controlling stake in the Black Cats with a lower ownership threshold, it is understood that they are hoping to seize complete control within a statutory 21-day period.

It is now almost five weeks since the Sunderland board confirmed they had opened formal talks with a group of Irish investors.

The two parties are believed to be close to agreeing a fee for Murray's majority shareholding - the totality of the club's shares are understood to have been valued at around £15m - but the due diligence process also involves contract issues and discussions with the club's banks that are further complicating matters.

Quinn remains confident of completing his takeover in time to prepare for the start of next season.

But, with the club still managerless, he is aware he cannot afford to wait forever. Therefore, he is insisting his new management structure is well on the way to being installed by the time the club's players return to the Academy of Light on June 26.

If significant progress has not been made by that stage, he will pull out of talks and leave the current board to plan for next season.

Meanwhile, Andy Gray became the first player to be sold since relelgation when he completed an £800,000 move to Burnley yesterday.