Stewart Donald Completes Sunderland Takeover

Former National League side Eastleigh Owner Stewart Donald completed his takeover of Sunderland, which will compete in League One during the '18-19 season, from Ellis Short, according to the BBC. Texan businessman Short, who ended a nine-year spell as owner by "writing off the club's debt," received £40M ($53.7M) in return for the club. The English Football League "ratified the change of ownership." Donald said that the club is "debt-free" and added that he hopes to appoint a new manager to succeed Chris Coleman "within the next seven days." Sunderland will begin the '18-19 season at its "lowest position in 30 years, after successive relegations from the Premier League to League One." To "pave the way for the deal to progress," Donald agreed to pass his ownership in Eastleigh to existing board members. Donald agreed to a "staggered payment" with Short for the purchase of the club "to free up further funds for the season ahead" (BBC, 5/21).