"A defined timeframe was placed on discussions to ensure that the club could move forward quickly and decisively with its plans for the new season should they not come to fruition," Sunderland said in a statement.
"We have concluded these talks and have determined that this proposed sale would not be in the best interests of Sunderland AFC.
"Ellis Short will continue his commitment to the club, both financially and personally, moving forward."
The Black Cats, who had not confirmed the identity of the interested buyers, also said they have been granted permission to speak to fellow Championship side Preston North End's Simon Grayson to fill the vacant managerial position.
David Moyes stepped down as Sunderland boss last month after the club finished at the bottom of the top-flight standings.
(Reporting by Hardik Vyas in Bengaluru; Editing by Alison Williams)
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