Sunderland director steps down with takeover on track to be completed this month
Neil Fox has stepped down as a director at Sunderland.
The club is close to a change in ownership with Kyril Louis-Dreyfus' takeover on track to be completed this month.
The 23-year-old has agreed a deal with Stewart Donald to purchase a majority shareholding in the club, the exact details of which are yet to be confirmed.
And with the pair having agreed terms, the only hurdle left is the EFL's owners and directors test - documentation for which was lodged on December 24.
Meanwhile, in an interesting development on Tuesday, it was revealed Fox has stepped down as a director.
Fox had been a director at the Stadium of Light since September 2018 and worked under Donald, who is set to see his stake in the club reduced to a minority shareholder.
Fox's departure another sign the takeover is close.
Documents published on Companies House on Tuesday revealed that Fox has resigned as a director of the club and several other associated companies including 1879 Events Management, Sunderland Ladies, Sunderland AFC.com, SAFC.com, and Sunderland Properties.
Those are all effective as of December 31, 2020.
Regards the takeover, there is no set length for how long the EFL owners' and directors' test takes for completion, with varying factors determining how quickly a deal is either approved or denied.
But Sunderland are hopeful that the deal will be given the green light by the middle of the month, with no issues anticipated with the test and approval of Louis-Dreyfus as a shareholder.
Indeed, EFL sources have indicated that the new national lockdown will not affect the speed of the test.