CONCERNS about the lack of funds which would be made available to him to buy players and uncertainty over future club ownership led to Derek McInnes turning down the chance to take over as Sunderland manager, it has been claimed.

McInnes was expected to leave Aberdeen after four hugely successful seasons in charge when the Stadium of Light club agreed to pay £1 million compensation earlier this week.

However, the Ladbrokes Premiership club announced on their official website on Thursday evening that the 45-year-old and his assistant Tony Docherty would be remaining.

The opportunity to move to Wearside and revitalise the fortunes of a club which was relegated from the Barclays Premier League last season had seemed too tempting to refuse despite their recent difficulties.

However, David Preece, the former Aberdeen goalkeeper who started his career at his home town club Sunderland, believes the Scot would have had limited finances had he agreed to succeed his countryman Davie Moyes.

Preece also feels McInnes risks being sacked - even if he had done a good job – once Short had offloaded his stake and new proprietors had come on board.

“I was led to believe that Derek was very keen on the job,” he said. "Something must have happened to put him off. It is worrying for Sunderland fans. I am sure he doesn’t want to walk into another Bristol City. He wants to give himself the best chance of being successful.

“I am afraid the next Sunderland manager will simply be there to steady the ship until there is a takeover. Until the club is sold there won’t be a lot of investment. There is just too much instability around the club at the minute.

“There is a massive rebuilding job to be done there. Jordan Pickford and Jermaine Defoe have both left since the end of last season. To do that with restrictions is nigh on impossible.

“Even if there was something agreed, takeovers don’t happen overnight. You are looking at the club being embroiled in takeover negotiations in the first half of the season. Financially, he would also be very restricted. Whoever the next manager is is going to be a stop gap measure. I think Sunderland was the right club at the wrong time.”