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Breaking News: FFP Loan to Sunderland repaid as takeover edges closer

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The takeover of Sunderland AFC by billionaire heir Kyril Louis-Dreyfus takes a step closer as Donald’s American loan is paid off in full.

Sunderland v Doncaster Rovers - Sky Bet League One - Stadium of Light Photo by Richard Sellers/PA Images via Getty Images

A significant milestone in the Sunderland AFC takeover process has been achieved today, as news emerged that the £9m loan that Stewart Donald’s Madrox Partners agreed with the American FFP Sunderland consortium has been paid off in full.

The document, filed by the club with Companies House this afternoon states that the charge, which was secured against both the Stadium of Light and the Academy of Light in November 2019 after initial takeover talks did not result in a buyout, has been satisfied in full.

Whilst the charge was in place, FPP Sunderland had the right to approve the buying and selling of shares in Sunderland AFC. Now that this requirement has been removed, it is expected that EFL approval for Kyril Louis-Dreyfus’ takeover will proceed as planned and could be completed as soon as this afternoon.

More to follow....