Sunderland’s takeover by businessman Stewart Donald and his consortium is virtually complete after the change of ownership from American billionaire Ellis Short was ratified by the English Football League (EFL) at a meeting last week.
Donald, who leads the international consortium going ahead with the takeover, previously owned non-league side Eastleigh and a 10% stake in Oxford United.
It is thought that Sunderland will be debt free as a a condition of the takeover – £140m debt was cleared by Short as a parting act – and will be able to appoint a new manager in the coming days following the departure of Chris Coleman last month.
BREAKING: Stewart Donald has completed his £40million acquisition of @SunderlandAFC. #SSN pic.twitter.com/OOlxZkajx5
— Sky Sports News (@SkySportsNews) May 21, 2018
A statement from the club released on Monday afternoon read, “Following a meeting with the EFL on Friday, and the provision of further information, we can now confirm that the proposed sale of the club could be concluded as early as next week.
“We would like to place on record our thanks to the EFL for their assistance during the process, at what is a very busy time of the football calendar for them.”
The Black Cats will begin life next season in League One as a result of a second relegation in as many years, but fans can now look forward to a new era with a more positive outlook.
Donald himself has suggested that Coleman could even return to the club as he is being considered for the manager’s role once more, explaining that the decision to dismiss the former Wales boss was one taken by Short, despite it coming as the takeover bid gathered pace.
