Sunderland have confirmed that majority shareholder Ellis Short is to assume full control of the club.
The American businessman bought a 30 per cent holding in the Black Cats after taking over from the Ireland-based Drumaville consortium last year.
There has been speculation for some time that he could be ready to invest more heavily, although an announcement was delayed as Sunderland battled to avoid relegation.
Ricky Sbragia managed to keep the club in the top flight despite suffering defeat to Chelsea on the final day of the season.
Sunderland have now confirmed that Short is to take over at the Stadium of Light and chairman Niall Quinn is delighted with the development.
New era"This is fantastic news for the club," Quinn told the club's official website.
"Ellis has already shown tremendous commitment to date but today's announcement opens the door for a new era at the Stadium of Light."
Quinn added that Sunderland would not have been able to keep Kenwyne Jones in the winter had it not been for Short, with Tottenham making a big-money offer for the striker.
He said: "Ellis' involvement to date also enabled us to turn down a club record bid of up to £20million for Kenwyne Jones from Tottenham Hotspur in the January transfer window."