Michael Gray doing 'everything he can' to help potential takeover of Sunderland AFC

Gray revealed last week that he held talks with director Neil Fox, a close associate of majority shareholder Stewart Donald, as he attempts to bring together a consortium that potentially could end Madrox’s tenure.

The former Sunderland and England left-back had conceded that the figures involved were ‘astronomical’, with Donald setting the asking price for the club at £37.6 million.

Gray said that any new owner would likely need to invest that same figure again over and above the initial sale.

He took to Twitter on Thursday to tell supporters: “Still processing figures to see if we can come up with a solution..

“As you are all aware it is very complicated. This will not sort itself out overnight. But I’m doing everything I can to help, succeed or fail I’m trying.”

Gray told talkSPORT last week that he would not be involved financially with any deal: "I'm not involved in any figures whatsoever.

“I'm just telling them about the city, what goes on in the city, how passionate the supporters are, what football means to Sunderland and the supporters.

“It's my home club and I just want the right people to go in the football club.”

In a ‘heated’ meeting with supporters and an interview with BBC Radio Newcastle last week, Donald had stressed his commitment to selling the club but said that no one was ‘in the data room’, indicating no one had yet met his asking price and shown proof of funds.

After a furious response to his suggestions in the meeting that fans were putting off investors, Donald subsequently stood down as chairman.

Football finance expert Kieran Maguire stressed earlier this week on his Price of Football podcast that Donald’s asking price would struggle to attract a buyer.

"I went and did my sums, I looked at some comparisons to other clubs and added on a little bit for Sunderland’s potential,” he said.

"If he got £20-25million, that would probably be fair.

"I do genuinely worry for the club… the way it has been run for a long period of time genuinely causes me concerns.”