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The deal to take over Sunderland is back on. In fact, it seems that it was never off, local reports of a wobble being caused by two people who were never full members of the consortium, but considered joining it, pulling out. If the takeover plan works, Niall Quinn will become executive chairman. He is backed by two of Ireland's most prominent publicans, Charlie Chawke and Louie Fitzgerald. Also involved are property Sean Mulryan who is a mover and shaker in London's Docklands; builder Paddy Kelly; Jack Tierney of Faxhill Homes; and three UK-based Irish property developers said to be Pat Beirne, John Hayes and Patsy Byrne. If current chairman Bob Murray accepts the offer for his 56.8 per cent stake, the same deal will have to be offered to other shareholders. This would value the club at a little below £16m, but the purchasers would also take on the club's substantial £35m bank debts. It is believed that each of the eight investors backing Quinn are equal shareholders providing £2m each with further debt finance coming from Lombard, a division of the Royal Bank of Scotland. The consortium has no current property development plans at the Stadium of Light, despite the background of some of the backers. However, a hotel or possibly a casino are not ruled out for the future. The main focus now, however, is on developing the football club. There will be money for a big name manager who will be able to make new signings, badly needed to restore the club's standing.
Who would of thought it?
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