{"id":584148,"date":"2021-02-18T11:10:27","date_gmt":"2021-02-18T16:10:27","guid":{"rendered":"https:\/\/lastwordonsports.com\/football\/?p=584148"},"modified":"2021-02-18T11:10:27","modified_gmt":"2021-02-18T16:10:27","slug":"sunderland-takeover-kyril-louis-dreyfus-purchase-approved-by-efl","status":"publish","type":"post","link":"https:\/\/lastwordonsports.com\/football\/2021\/02\/18\/sunderland-takeover-kyril-louis-dreyfus-purchase-approved-by-efl\/","title":{"rendered":"Sunderland Takeover: Kyril Louis-Dreyfus Purchase Approved by EFL"},"content":{"rendered":"

Following more than one year of uncertainty, the EFL have today approved Kyril Louis-Dreyfus’ takeover of Sunderland<\/a>. The 23-year-old has acquired a controlling interest in the League One club and will also become the new chairman at the Stadium of Light. Former owner Stewart Donald<\/a> along with Juan Sartori and Charlie Methven will retain a minority shareholding in the club.<\/p>\n

Sunderland Takeover Approved by EFL<\/h2>\n

Stewart Donald Statement<\/h3>\n

Former owner Stewart Donald, who is now a minority shareholder, issued a statement following the news that billionaire Louis-Dreyfus<\/a> had been approved to take over from him at Sunderland. Donald said: \u201cI am delighted to welcome Kyril Louis-Dreyfus to the club as our new chairman and controlling shareholder. Kyril\u2019s 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.<\/p>\n

\u201cWhen we entered into negotiations with Ellis Short three years ago, Sunderland was nearly \u00a3200 million in debt, was losing \u00a335 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\u2019s finances \u2013 the club is debt-free, was breaking even prior to the pandemic and has retained its Category One Academy status. However, it is no secret that \u2013 despite spending the highest transfer fees and playing wages in League One history \u2013 progress on the pitch has not followed suit. That has been a bitter disappointment for us as owners, and we can only apologise for falling short in this regard.<\/p>\n

\u201cWhilst we certainly made mistakes, everything was done with the best of intentions with the view to deliver this aim, but we just fell short and in football, unfortunately, a miss is as good as a mile. However, with the club just having booked its third Wembley final in three seasons and still being in the hunt for promotion, the foundations are set for better times. \u00a0We hope and believe that the new management team, with Kyril at its head, can finally complete the turnaround and get the club climbing the divisions once again.\u201d<\/p>\n

Sunderland Takeover Approved: New Owner Speaks<\/h3>\n

Kyril Louis-Dreyfus has spoken for the first time following several weeks of rumours and negotiations. During the past two weeks, Louis-Dreyfus has become more visible on Wearside and at games. He watched from the stands at a recent away game at Shrewsbury Town<\/a> then saw the Black Cats beat promotion rivals Doncaster Rovers<\/a> 4-1 at the Stadium of Light. Last night he witnessed the team progress to the final of the EFL Trophy<\/a>.<\/p>\n

Speaking following his takeover being approved, he said:\u00a0\u201cI 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\u2019s 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.\u201d<\/p>\n

Deal Has Been in the Hands of the EFL<\/b><\/h3>\n

Sunderland\u00a0<\/a>had been waiting for the green light from the EFL to be able to complete the takeover for several weeks. Before the EFL approved the deal, they wanted assurances that Stewart Donald and co would continue to help fund the club for the next two years. They finally received the assurances they wanted and approved the deal. Fans may now be able to look forward to an exciting future for their club.<\/p>\n

FFP Sunderland Loan Repaid in Full<\/h3>\n

The group FFP Sunderland, which was formed by several American businessmen who initially held talks to take over the club, instead gave the club a loan believed to have been \u00a312 million. The loan saw the group hold a charge over all of the club’s assets, including the Stadium of Light and the Academy of Light. According to the Sunderland Echo<\/a>, the loan has now been repaid in full; however, it is unclear if the loan was repaid by Kyril Louis-Dreyfus.<\/p>\n

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Main Photo<\/p>\n

Embed from Getty Images<\/a>