Ex-Sunderland fan favourite Michael Gray leads consortium to buy the League One club

Former Sunderland favourite Michael Gray is helping to broker a deal to buy the League One club.

Owner Stewart Donald is desperate to sell but has set the asking price at £37.6million, the figure he says he paid Ellis Short in 2018.

However, Donald borrowed around £25m of the club’s parachute payments to complete the purchase and, as revealed by Sportsmail in May, the current owners have written off the legal obligation to repay £20.5m of that amount.

Ex-Sunderland favourite Michael Gray is helping to broker a deal to buy the League One club

It means the consortium Gray is involved with are taking their time to examine the club’s accounts before returning with an offer they believe to be fair.

Donald insisted during a meeting with supporters this week that all the money he owes the club will be repaid and that the process has already started.

He also made the incredible claim that the attitude of the club’s fans was putting off investors, and he even told one supporter who has questioned their running of the Black Cats to ‘shut up’.

Black Cats owner Stewart Donald is desperate to sell but has set the asking price at £37.6m

Fans are now clinging to the hope that Gray or another group emerges with a firm offer to end Donald’s reign.

Gray, 45, told Sportsmail: ‘The consortium I am helping have the cash but it has to be feasible. It’s not just about having the money to buy the club, it’s about having a plan to take it forward.

‘I know the area, the club and how passionate the supporters are. My group want to know everything about Sunderland and, to me, that says they are the right people, if we can get the club at the right price.

‘I won’t be an investor, I just want the best for my football club.’