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Sunderland have appointed Preston North End boss Simon Grayson as their new manager after earlier announcing that the proposed sale of the club is off.
The 47-year-old replaces David Moyes, who resigned in May following the Black Cats' relegation to the Championship.
Since taking over at Preston in 2013, Grayson has led them to promotion from League One and two 11th-place finishes in the second tier.
The ex-Huddersfield and Leeds boss has signed a three-year deal on Wearside.
"I am delighted to come to Sunderland, a club with such wonderful history and tradition," said Grayson, who brings Preston assistant Glynn Snodin with him to the Stadium of Light.
"I want a group of players full of desire, team spirit and a never-say-die attitude - that's the very least that we should expect from a Sunderland player."
Sunderland were granted permission to speak to Grayson on Thursday morning, after the club's initial search for a new boss was put on hold earlier in the month while talks over a potential sale of the club were ongoing.
Preston said that, after contact from the Black Cats, Grayson asked to speak to the club, with a statement from North End confirming that a compensation package, believed to be about £750,000, was already guaranteed in his contract.
Cheap option as a stop gap by the.look of things. Looks a lot of uncertainty at the club.
As usual the fans suffering, in this case Sunderland's AND Preston's
What must the players who have just signed for him at Preston, think about loyalty now.
Bit of a panic I think they failed to get their first choice Derek McInnes at Aberdeen ,he actually turned them down ,probably spotted some issues at Sunderland .