New owner Stewart Donald discusses Sunderland transfer budget and reveals how much he paid for club

Donald, the majority shareholder, was unveiled at a press conference at the Stadium of Light this afternoon alongside minority shareholder Charlie Methven, who will also join the board as a director though his exact role is to be determined.

Follow our live Sunderland AFC blog for the latest from Stewart Donald's press conference.Donald said: "We've given Ellis £40m, so that's the deal, and in return Ellis has tidied up his debt and that's now gone from the football club.

"Ellis was very clear he didn't want the debt, but we didn't want the debt either so we refused that.

"The reality is Sunderland is debt-free which, for the fans, is good news."

The £40million will be paid in stages over a maximum of two years.

Short wiped out more than £125million of debt to help the sale go through.

Donald confirmed the takeover was confirmed on Sunday night after they gained EFL approval at the end of last week.

Follow our live Sunderland AFC blog for the latest from Stewart Donald's press conference.When asked about the transfer budget for the new manager - who he hopes to appoint within seven days - Donald said: "Looking at the numbers we have put through, the budget for Sunderland is going to be pretty hefty for League One.

"It's going to be a lot more than any of the teams that got promoted last season had got.

"It's going to be a good budget for Sunderland and I'm sure it's a budget one or two Championship clubs would like."