STEWART DONALD and Charlie Methven have accepted an offer for their remaining shares in Sunderland, with the process of confirming their departure expected to be completed before the start of next season.

Talks with an unnamed party that began before the play-off final win over Wycombe Wanderers have reached a stage when a proposal for a transfer of ownership can be tabled with the EFL.

The governing body have to approve the transference of shares, with the process expected to take around a month. That should give Sunderland’s new ownership group plenty of time to conduct the transfer business that has been planned ahead of the club’s return to the Championship following last season’s promotion from League One.

Donald and Methven have agreed a deal that will see them relinquish the whole of their remaining 39 per cent stake in Sunderland, which they retained after they stood down as chairman and director respectively at the start of 2021.

Kyril Louis-Dreyfus will continue as controlling shareholder, with a 41 per cent stake, while South American businessman and politician Juan Sartori will retain his existing 20 per cent ownership.

Details of the incoming investors have not been revealed because of non-disclosure agreements that have been part of the negotiating process, but there has been ongoing speculation linking the club with Sunderland-born businessman John Reece, who is the financial director of Swiss energy, chemical and manufacturing company INEOS, and is estimated to have a net worth of around €5.8bn (£4.9bn).

Neither Sunderland, Reece nor INEOS have been willing to discuss whether the 65-year-old is part of the group that have agreed a deal with Donald and Methven.

William Storey, the British owner of energy drink company Rich Energy, has also publicly stated his renewed interest after failing to complete a buyout prior to Louis-Dreyfus' arrival. However, it is understood that Storey has not been involved in the negotiating process that has led to this week's developments and is not part of the group that has reached an agreement with Donald and Methven. 

The exit of the two current owners will finally end a chaotic and ultimately controversial period in Sunderland’s history.

Donald and Methven were hailed as potential saviours when they arrived to replace American Ellis Short in the summer of 2018, and the pair initially proved popular as they pledged to overhaul some of the failings that had become endemic under the previous regime.

Methven’s public pledge to “end the p***-take party” proved popular, as did the new regime’s decision to replace and upgrade some of the faded seating at the Stadium of Light.

Their first season in charge ended in failure as Jack Ross’ side lost the play-off final at Wembley, and by that stage, it had become clear that as majority shareholder, Donald had used Sunderland’s parachute payments to finance a large proportion of his £37m purchase of the club.

That created resentment amongst the fans, and both Donald and Methven’s reputations were further damaged by their appearance in ‘Sunderland Til I Die’, the Netflix series that charted the club’s unsuccessful attempts to exit League One.

Donald announced that he was looking to sell up at the end of 2019, and it looked as though his time with Sunderland was over when Louis-Dreyfus arrived on the scene in late 2020. However, while Donald stood down as chairman when Louis-Dreyfus’ purchase of some of his shares was confirmed, it emerged last season that the southern-based insurance chief was still a major shareholder at the club.

That had the potential to cause problems given that any future investment would be dependent on both Donald and Methven pumping in money that reflected their ongoing ownership levels, and while Alex Neil insisted after the play-off final that he was not concerned by Sunderland’s complex ownership model, it was already clear by that stage that talks were under way that could result in a major shift in the club’s off-field structure.

Those talks have now produced an agreement, although there is not expected to be any formal confirmation of developments until the EFL’s approval process is completed.