Sunderland have confirmed they are in talks with several parties over the possible sale of the club.
Black Cats owner Ellis Short has made no secret of his desire to sell his 100 percent stake and it has been reported he was in advanced talks with a mystery German consortium.
But the north-east club have revealed if the sale is not completed within a "defined time frame." Short will pull out of negotiations and press on with plans for next season.
The Championship club said their search for a new manager following the resignation of David Moyes last month had been affected by the uncertainty over its ownership.