Sunderland chairman Bob Murray today announced he is to stand down as takeover talks continue.

Murray, the club's majority shareholder, will end his 20-year spell at the helm on June 30th, although it is understood he will remain on the board amid ongoing negotiations with Niall Quinn's consortium.

He told the Sunderland Echo: "I have done this job for 20 years and I know for a fact 99 per cent of the fans are good-humoured and want the best for the club.

"I do too and if it means I need to resign to make the sale happen, then that is what I will do. I want fans to know for certain that I will not be the chairman of this club at the start of next season. I am removing myself as an issue. The club is the only important thing, not me.

"This is another big step towards my total exit from the club. It's consistent with what I have been saying for a long time now. It's time for someone else to take up the reins.

"I have never been upset by personal comments, but some people are. I've given so much to this club over the years, but it's time for me to take a back seat. I don't want personalities to be an issue."

Murray has borne the brunt of fans' frustrations in recent years as the club has yo-yoed between the Premiership and the Coca-Cola Championship.

He felt the force of their anger last season as the Black Cats plummeted from the top flight with a record low points total of 15, with supporters staging a series of protests at the Stadium of Light.

Murray has admitted he has been looking to sell his stake for more than a year and has spent the last couple of months in talks with former striker Quinn and his business partners.

The Irish consortium are in the process of preparing a formal offer for his majority shareholding which, if accepted, would have to be extended to the remaining shareholders.

Murray and his fellow directors flew to Dublin last week for further talks and it is understood progress is being made.

But today's announcement is the clearest indication yet that the Jersey-based businessman, who built the club's new stadium and saw Peter Reid secure successive top-seven Premiership finishes, is ready to move on.