STEWART Donald is leading a consortium set to take over the ownership of Sunderland.

The west Oxfordshire businessman revealed he would be selling his stake in Vanarama National League club Eastleigh, where he is chairman, as a result.

Donald, an Oxford United fan, has been an investor at the U’s and his company Bridle Insurance has sponsored the club’s shirts.

He was also involved in Juan Sartori’s failed takeover of the club last summer.

The Sunderland deal is subject only to English Football League (EFL) approval after Black Cats chairman Ellis Short agreed to sell the club.

Chris Coleman has also left his role as manager of the side, who will face United in Sky Bet League One next season after their relegation from the Championship.

Donald said: “All of us involved in this bid believe that Sunderland represents an extraordinary opportunity.

“Our group have all been involved in building – or re-building – football clubs to reach their potential and we believe that over the last decade we have acquired the necessary skillsets to overcome the many challenges that will face us at this huge club.”

He added: “Eastleigh and Oxford are different cases to each other and, of course, smaller than Sunderland.

“The similarity, though, is that there is also a lot that needs to be addressed here, and it needs to be addressed with realism, focus and dedication.

“For a club with one of the best fanbases, stadium and academies in the UK to find itself in League One is unacceptable.

“We have a plan to restructure the club, make it sustainable and, with the help of the fans, to restore its sense of pride and re-connect it with the local community.

“In short, we are rolling our sleeves up to do what needs to be done to ready this club to start competing again.”

Sunderland announced the news yesterday and Short said: “It is no secret that I have been trying to sell.

“But I have waited until the right group came along that have the experience, finances and plan to take this great club back to where it deserves to be.

“Assuming that Stewart and his group win EFL approval, it only remains for me to wish them, and all associated with the club, the very best for the future.”