Report: Sunderland owner would sell club for nothing

Free to a good home: Sunderland AFC.

Traditionally one of the most fervently followed clubs in English football could be available for nothing, according to BBC Sport's Richard Conway. But there's a catch, as incumbent owner Ellis Short wants a buyer to shoulder Sunderland's huge debt.

The Wearsiders, who are facing the prospect of back-to-back relegations as they languish at the foot of the Championship table, carried debts amounting to £137.3 million according to the last published figures in 2016. The subsequent effects of plummeting from the Premier League will be unknown until the latest club accounts are filed in April.

Short's surrender marks a drastic change from how he previously valued the club. The American listed Sunderland at £170 million in late 2016, and recent supports suggested he would relinquish his shares for £50 million. Supporter pressure may have prompted his change of heart, with over 8,000 fans signing a petition demanding him to sell at the time of writing.

Around half of the club's debt, £69 million, is owed to Short. Conway understands "the billionaire may forego some or all of that figure as part of any deal."

Another £68 million is owed to Security Bank Corporation, a subsidiary of Guggenheim Partners. Interest payments to the Philippines-based company total approximately £8 million a year.

(Photo courtesy: Getty Images)

It's believed Short and American-based board member Per Magnus Anderson have been in conversation with several prospective buyers over the past few months. Discussions are ongoing, but an agreement is still some way off.

Bottom-placed Sunderland, now led by former Wales boss Chris Coleman, faces the possibility of being six points adrift of safety by the time the upcoming weekend's Championship fixtures are concluded.

Short has been an irregular presence at the Stadium of Light since taking over the club in 2008. In what is approaching a decade-long association with the Black Cats, Short has overseen 13 managerial reigns, including caretaker spells.

"This is no (Chelsea owner Roman) Abramovich or (then-Manchester City owner Thaksin) Shinawatra. He loves the club and he can see that there is a sustainable plan, but he is happy to stay below the radar," a club source told the Guardian following his 2008 takeover.