Stewart Donald and his consortium have finally completed their takeover of Sunderland AFC.
The move comes after the EFL gave their approval on Friday - exclusively revealed by Roker Report - and after the sale of Donald’s previous club, Eastleigh FC, went through successfully.
The purchase of Sunderland is expected to have cost Donald and his group around £40m.
Previous owner Ellis Short has written off the club’s debts to the value of £125.7m, with the American retaining ownership of the Hilton Garden Inn Hotel and an area next to it that already has planning permission for future development. The combined worth of both is estimated to be around £30m.
It’s thought that Short will be due further payments if/when the team gains promotion to the Championship and Premier League, though that information has, as of writing, not yet been officially confirmed.
Although the deal between Donald and Short was agreed on April 29, the takeover could not be finalised until the EFL gave their approval and the sale of Eastleigh was completed - as league rules forbid one person from owning the controlling interest in more than one club.
The takeover brings an end to a ten-year reign as Sunderland owner by Ellis Short.