Reports on Tuesday morning suggested that a consortium of investors – including Glenn Fuhrman, John Phelan and Robert Platek – had backed away from a potential deal for the Black Cats.
But Donald, speaking to BBC Newcastle’s Total Sport, has now confirmed that talks remain ongoing – and that the deal is not dead.
“I can’t talk about the investment,” he said.
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“I know what’s been said, so if there wasn’t any potential investment then I would be able to talk about it.
“The fact I can’t talk about it, means it’s ongoing.
“It isn’t like buying a house. These are complicated things and are big decisions for people to make.
“We’re still talking to people, nobody has dropped out, and we’re just looking at the detail.
“If any potential deal was dead, I could mention it – couldn’t I?”
And Donald insists that he is prepared to take his time over a deal, with ‘quality’ investors lined-up.
Indeed, the Sunderland chief has also shot down rumours that he is ‘haggling’ over a deal and confirmed that the club don’t need any urgent investment in the short-term.
“I’ve got the club in a position where it is investible,” he added.
“There’s lots of serious people interested and I’ve just got to do the right thing for the club.
“This isn’t about Stewart Donald – this is about Sunderland and doing the right thing.
“I’ll tell the fans when I can, but if any fans think I’m sat there haggling away then they are completely wrong.
“I’m trying to find quality individuals, or groups of people, that will invest in the future of the club in the long-term.
“We don’t need anyone’s help to get out of League One, we’ve got plenty of money to need to do what we want to do.
“This is for the long-term, and if it takes longer than that’s how it will have to be.”