American billionaire Ellis Short will take over Sunderland in the next 48 hours after securing a deal with chairman Niall Quinn.
Short has refused to take up a £6million deal for the former Liverpool striker Djibril Cisse and plans further cuts to the playing staff before starting the search for a newmanager, following Ricky Sbragia's decision to quit.
Gordon Strachan will be high on the list after quitting Celtic yesterday.
The Stadium of Light club confirmed that they will not be signingCisse on a permanent deal after an indifferent season on Wearside.
Cisse joined Sunderland on a season-long loan from Marseille last summer and they had first option on a £6 million deal.
But after scoring just 11 goals in 32 appearances, and failing to gel with Kenwyne Jones, Cisse has been released. He is now looking for a club in England, as his wife wishes to stay in this country, and has claimed Spurs want to sign him.
In a rather terse statement, Sunderland chairman Niall Quinn said simply: 'We wish Djibril well and thank him for his contribution to the club this season.'
Cisse was left out of Sbragia's last two starting line-ups and was known to be unhappy about the Scot's change to a 4-5-1 formation.
In the final game of the season, despite receiving a warm ovation from home fans, Sbragia brought on strikers David Healy and Daryl Murphy in the latter stages of the defeat to Chelsea, leaving Cisse to stew on the bench.
But he was a colourful addition to the squad and the striker, who dyed his Mohican red, green, white and black at various points of the season, will be fondly remember for his two goals against relegated rivals Newcastle.
Now the Frenchman, whose family have stayed at the manor house near Chester, must decide whether to keep his Newcastle city centre clothes boutique open, or launch a closing down sale.