Sunderland have ended takeover talks and are set to appoint Simon Grayson as their new manager.
A German consortium have been in talks over buying the Black Cats but owner Ellis Short has decided a proposed sale would "not be in the best interests" of the club.
The Championship side are now planning to appoint Grayson as their new boss after Preston granted their Championship rivals the go-ahead to open negotiations.
A statement from Sunderland read: "Recently, we informed supporters that discussions were taking place with parties who had expressed an interest in acquiring ownership of Sunderland AFC.