Sunderland today moved to dismiss claims the members of the Drumaville consortium lost money through their involvement with the club. American billionaire Ellis Short yesterday confirmed his takeover from the group of mainly Irish investors put together by chairman Niall Quinn to buy the Black Cats in 2006.

Publicans Charlie Chawke and Louis Fitzgerald were joined in the consortium by property developers and builders including Sean Mulryan and Paddy Kelly.

However, amid reports they had suffered significant losses, Quinn told the club’s official website: “Despite reports to the contrary, Drumaville Limited and every one of the nvestors made a respectable profit from their investment in the club.

“All the investors and the club itself were astonished to hear of the reports suggesting otherwise this morning.

“Both parties now hope the media organisations involved will acknowledge and accept the true position.”

Consortium chairman John Ryan explained: “We had a fantastic three years at the club and are proud to have played the role we did and to have passed the club into the safe hands of Mr Short.

“Whilst all the group made a modest return on their investments, the venture was more a sporting passion amongst the members than a financial play.

“Everyone at Drumaville wishes the club and their fans all the best and we will continue to attend matches and play a supporting role in the future.”