Monday 21 May 2018 18:09, UK
Sunderland's new owners insist the club is now debt-free after completing their £40million takeover.
A consortium led by Stuart Donald has acquired the newly-relegated League One club from Ellis Short and insist the ex-owner has written off the club's debt as a result.
Donald and his business partner Charlie Methven told the media on Monday that the Black Cats will have a big budget in the third tier and they hope to appoint a new manager within a week.
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."
The deal was approved by the English Football League, subject to conditions, over the weekend. One of these was Donald's sale of a controlling stake in National League side Eastleigh.
"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," a Sunderland statement read.
"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."
