Sunderland takeover complete as new billionaire chairman, 23, makes fan promise

Kyril Louis-Dreyfus was today given the green light to complete his takeover of Sunderland.

The English Football League needed to approve the move and Louis-Dreyfus will now become the club's chairman.

The 23-year-old's billionaire family own French giants Marseille and he has a Harvard MBA and training in football administration.

Stewart Donald, Juan Sartori and Charlie Methven will each retain a minority shareholding.

Louis-Dreyfus said: “I would like to thank Stewart, the Board of Directors and the EFL for their diligence and support throughout the recent process.

"I am proud to become a custodian of this esteemed institution, but I also recognise the significant responsibility that comes with it.

"Today marks the start of an exciting new chapter in Sunderland AFC’s history and although the current landscape facing football dictates that there are challenges to overcome.

"I am confident that together we can weather the present storm and put solid foundations in place to bring sustainable and long-term success to the club.”

Sunderland have suffered a sharp decline in recent years with the League One club playing in the top flight only four years ago.

The Black Cats currently sit seventh in the third tier with realistic hopes of the play-offs.

They also secured they place at Wembley for the EFL Trophy Final this week thanks to a penalty shoot-out victory over Lincoln.

Minority shareholder Donald said: “I am delighted to welcome Kyril Louis-Dreyfus to the club as our new chairman and controlling shareholder.

"Kyril’s commitment, acumen and integrity convinced us to accept his proposal. His vision and desire to bring success back to Sunderland was obvious from the outset and his bid is the one that we feel gives the club the best chance of long-term success and sustainability."

“When we entered into negotiations with Ellis Short three years ago, Sunderland was nearly £200 million in debt, was losing £35 million per annum, and had all but been relegated to League One.

"Our plan was to work hard to turn around the finances of the club, put it on a stable footing and to get promoted back into the Championship.

"I am proud to say that we have achieved what we set out to in terms of SAFC’s finances – the club is debt-free, was breaking even prior to the pandemic and has retained its Category One Academy status."

Source: Read Full Article