Stewart Donald 'to follow from afar' as he breaks silence on Kyril Louis-Dreyfus takeover bid
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A deal has been agreed, pending ratification from the EFL.
The club do not expect that process to be concluded until mid-January at the earliest.
Louis-Dreyfus has promised a modern approach and outlined his vision to retun Sunderland to the top tier of English football.
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Hide AdDonald says that he was 'greatly impressed' with the vision Louis-Dreyfus presented convinced him that he was the best custodian for the club moving forward.
"It’s been no secret that I have been looking for some time to find the right person to take Sunderland forward and during the course of the last year there have been a lot of different people wanting to take over," he said.
"However, even though it is a matter of public record that some of those bidders offered me more money, I felt that they offered less to the club and to the community. Whereas from the early meetings with Kyril, his family and advisers, I have been greatly impressed with their knowledge and understanding, learned over a long period as owners of major football clubs in Belgium and France.
"I believe that experience, combined with a good plan, will provide a platform for the club to progress and I look forward to watching that progress from afar.”
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Hide AdThe club has already begun a significant restructure of the footballing department, including the appointment of Kristjaan Speakman as Sporting Director and Lee Johnson as Head Coach.