HOPE is growing among Sunderland football fans that the "under new ownership" sign will soon be hanging over the Stadium of Light after former Republic of Ireland international Niall Quinn said the money was there for a buyout.

Supporters angry at the club's performance in the Premiership, which has seen the Black Cats relegated with only 12 points from 34 games and beaten 4-1 by Newcastle on Monday, have staged high-profile protests against chairman Bob Murray, who has said he would sell his majority shareholding.

Now Quinn, 39, who spent six seasons on Wearside, has said the consortium of businessmen he leads could unveil its proposals before the week is out.

He also told an Irish newspaper that he would take the reins as Sunderland manager if he thought it would help lift the club out of the doldrums.

Martin McFadden, editor of the fanzine A Love Supreme, said: "All Sunderland fans hope it is true. We need somebody to run the club with ambition and intelligence and Niall Quinn would be perfect. Bob Murray has had his good times, and bad, and it is time for him to go now."

Eddie Calland, committee member of the Chester-le-Street and District branch of the Sunderland Supporters Association, said: "This is excellent, the news that the fans needed after the misery of Monday's derby.

"I am sure a lot of fans will flock back to the club if it comes off and that we will be able to mount a strong bid to bounce straight back to the Premiership ."

A spokeswoman for Sunderland said that no formal approach had been made to the club.