A consortium led by Steward Donald has completed a £40m takeover of Sunderland. They have been in negotiations over taking over the club for a number of weeks from now former owner Ellis Short, with the deal including an agreement to terminate the contract of ex-manager Chris Coleman.
Texan businessman Short, who has ended a nine-year spell as owner by writing off the club’s debt, received £40m in return for the League One club.
The English Football League has ratified the change of ownership.
Stewart Donald says the club is now “debt-free” and added that he hopes to appoint a new manager to succeed Chris Coleman “within the next seven days”.
Donald said: “We have given Ellis £40million. That’s the deal price. His debt, he’s now tied it up – and that’s now gone from the football club, and it’s not been ported to us. The reality is Sunderland is debt-free.
“League One transfer fees aren’t too high – so the budget for Sunderland is going to be pretty hefty. It’s going to be a lot more than many of the other teams have got.”
Methven said: “I’ve known Ellis for a while. I spoke to him about five weeks ago and he had decided to sell by the end of the season. He felt the situation was drifting with other groups and I had the right guy to take it over.
“Ellis has been extremely constructive throughout, helping us get it over the line in the time he indicated. There is a considerable cash requirement this summer. The discussion with Ellis is that we would pay him over a period of time.
“We hope to see a new manager very soon. We would hope probably seven days maximum before he get a new manager. We need as much of the summer as possible to assemble the squad.”