The French billionaire heir Kyril Louis-Dreyfus secures the majority stake in Sunderland after approval by the EFL Stewart Donald, Juan Sartori and Charlie Methven keep minority stakes; Sunderland are currently seven times in the top division, one point behind the play-off places

The EFL has approved the takeover of Sunderland by Kyril Louis-Dreyfus, who becomes chairman with immediate effect

23-year-old French billionaire Louis-Dreyfus has acquired a majority stake in the League One club, with Stewart Donald, Juan Sartori and Charlie Methven each retaining a minority stake

Louis-Dreyfus was there when Sunderland lost 2-1 to Shrewsbury Town last week This was his first public appearance since the Christmas Eve announcement that he had agreed to become the new owner at the Stadium of Light

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

“Kyril’s dedication, sagacity, and integrity convinced us to accept his proposal. His vision and desire to restore Sunderland to success were evident from the start We believe that what it offers offers the club the best chance of long-term success and sustainability

“When we started negotiations with Ellis Short three years ago, Sunderland was nearly £ 200m in debt, losing £ 35m a year and was pretty much relegated to the top

Our plan was to work hard to improve the club’s finances, put it on a stable footing, and get back up to the championship I’m proud to say we achieved what we considered ourselves to be on SAFC’s finances – the club is debt free, broke even before the pandemic, and maintained its category 1 academy status

{That was a bitter disappointment for us as owners and we can only apologize for falling short on this “

Louis-Dreyfus said, “I would like to thank Stewart, the Board of Directors and the EFL for their care and support during the recent process. I am proud to become an administrator of this prestigious institution, but I also recognize the significant responsibility that is associated with it

“Today begins an exciting new chapter in the history of Sunderland AFC Although the current landscape of football presents challenges, I am confident that together we can weather the current storm and lay solid foundations for sustainable and long-term success for the club “

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World news – GB – Sunderland: Takeover of Kyril Louis-Dreyfus by EFL as French 23-year-old billionaire heir becomes majority shareholder