Ellis Short has agreed the sale of Sunderland to a group fronted by Steward Donald, chairman of Eastleigh FC.
The move has also seen manager Chris Coleman and his assistant Kit Symons released from their contracts.
Ellis Short said his tenure had 'not gone the way he had wished' but that he had been waiting for the 'right group' to take the club forward.
Donald said that he and his investors were ready to 'roll their sleeves up' and help reconnect the club with the local community.
The deal will now be subject to EFL approval.