Ellis Short has told Martin Bain that he WON'T put Sunderland into administration - despite the relegation to League One.
The Black Cats' perilous financial position took a turn for the worse after a second successive relegation was confirmed at the weekend.
American owner Short is trying to sell the club, with chief executive Bain admitting to the Echo that there have been a number of interested parties.
However, the hefty running costs and future financial forecasts are hindering any sale and with the club £110million in deby when the last accounts were released, there have been rumours that Short could put the club into administration.
Bain, however, has moved to quash those fears, and says along with manager Chris Coleman, they are working hard to get the club back on an even keel - but it all depends on Short's 'appetite'.
He said: “If there's no new owner this summer, I need to have talks with Ellis and Chris.
“We will need to understand what Ellis's appetite and desire and input is, because it is all very well me and Chris putting together a plan but ultimately we need to know Ellis's appetite for that.
“I still have the same desire to work here, the same passion for the club, and the same desire to turn it around, but if it doesn't change hands then everything depends on that conversation with Ellis.
“He does not have any desire to put the club into administration.
Martin Bain opens up on Sunderland's relegation, takeover talk and Ellis Short
“Ellis funds the club's losses, I have spoken to him and he has assured me that he will continue to do so.
“He has told me that he will not put the club into administration.”