The deal - still to be approved by the EFL - will see Stewart Donald sell his controlling stake in Sunderland after two-and-a-half years at the helm; Kyril Louis-Dreyfus, son of former Marseille owner Robert Louis-Dreyfus, set to become chairman in the New Year
Thursday 24 December 2020 17:08, UK
The takeover of Sunderland has moved a step closer with the announcement an agreement has been struck for Kyril Louis-Dreyfus to acquire Stewart Donald's controlling interest.
Subject to approval from the EFL, 22-year-old Louis-Dreyfus, son of former Marseille owner Robert Louis-Dreyfus, will become chairman at Sunderland early in the New Year.
Donald has been Sunderland's majority shareholder since May 2018, when he bought the club from Ellis Short, and has been looking to sell for the past year.
Louis-Dreyfus' family founded the Swiss-based Louis-Dreyfus group in the 19th century and owned French club Marseille for 10 years before selling it in 2016.
In a club statement released on Thursday, Louis-Dreyfus said: "First, I would like to thank Stewart Donald for his integrity and reasonableness over the last three months, which has led to me having the opportunity to take a controlling stake in Sunderland AFC.
"I am fully aware of the efforts undertaken by the current ownership and board to protect the viability of the club and respect the difficulty of this task, given Sunderland's recent past and the current economic climate.
"We respectfully await the EFL's approval for this transaction. Nonetheless it would be remiss of me at this stage not to emphasise what an enormous honour it would be for me to become involved with such a historic club, in a city renowned for its rich football culture going back to 1879. Many will be aware of my family connections to the industry and, in acquiring Sunderland AFC, I understand the responsibility that's placed upon me as the custodian of the club's future.
"Moving forward, we have a long-term strategy which integrates Sunderland's proud traditions with a modern structure and approach. We will seek to be at the frontier of research and innovation in all performance domains and place great emphasis on player development and the team's style of play.
"We want to create a team that is entertaining to watch and that embodies the spirit and the culture of those who attend, thereby reconnecting the team with its fanbase, whose support will be so vital to our success.
"In the midst of a global pandemic, we should all be aware of the difficult situation the club is currently in and the challenges we face in the months to come.
"However, through hard work, a diligent plan and togetherness from the board of directors, staff, players and supporters we can between us create a brighter future at the Stadium of Light. If we all play our parts, I firmly believe we can restore Sunderland AFC to the top tier of English football and I can't wait to get started."
Donald is to remain a minority stakeholder in the club, alongside former executive director Charlie Methven.
Meanwhile, current board member Juan Sartori, who has been integral in bringing Frenchman Louis-Dreyfus to the club, will also retain a stage in the club.
Donald said: "It's been no secret that I have been looking for some time to find the right person to take Sunderland forward and during the course of the last year there have been a lot of different people wanting to take over.
"However, even though it is a matter of public record that some of those bidders offered me more money, I felt that they offered less to the club and to the community. Whereas from the early meetings with Kyril, his family and advisers, I have been greatly impressed with their knowledge and understanding, learned over a long period as owners of major football clubs in Belgium and France.
"I believe that experience, combined with a good plan, will provide a platform for the club to progress and I look forward to watching that progress from afar."
Documents have been lodged with the EFL to put Louis-Dreyfus through the Owners & Directors Test with the process not expected to be concluded until mid-January.
