Quinn’s Sunderland takeover ‘weeks away’

NIALL QUINN’S proposed takeover of Sunderland is still weeks away despite talks progressing well.

The Irish consortium bidding to buy out major shareholder and chairman Bob Murray are still engaged in the legal process of due diligence after confirming their interest at the end of April.

The indications are they will make a formal offer for Murray’s stake and then the remaining shares, although that process will take several weeks yet.

Even if the offer, which could amount to around £16m, was made this week – and the feeling on Wearside is that it is not imminent – the rules mean shareholders would be given 21 days to accept or reject it.

However, it is understood things are moving forward and that Quinn’s consortium are preparing the way to make a bid.

Stock Exchange rules – Sunderland are required to abide by the regulations for 10 years despite de-listing some time ago – mean neither party can comment while ongoing.