Sunderland chairman Kyril Louis-Dreyfus apologises to fans - 'It was never the intention to mislead'

That was the message from Sunderland chairman Kyril Louis-Dreyfus to a fed-up and frustrated fanbase following the recent revelations over the breakdown of shares at the Stadium of Light.

He also apologised to fans who felt misled and admitted ‘he may have misjudged the sensitivity of the issue’.

Louis-Dreyfus met with the supporters collective last week after there was widespread outrage amongst the fanbase that a year after his arrival, it was revealed that he owned only a 41% stake in the club.

Fans were left angry having felt his arrival was presented as a takeover of the club.

That has renewed calls for the departure of the Madrox consortium, with Stewart Donald and Charlie Methven then stating publicly that they would sell their remaining 39% share for £11.7 million (valuing the club at £30 million as a whole).

Louis-Dreyfus has signalled that he is unlikely to meet that price, and has said that he would be open to a third party acquiring those shares if they are prepared to meet it.

He has insisted, though, that he will not relinquish the controlling agreement he demanded when acquiring his stake.

That gives him a majority on the board and the power to make day-to-day executive decisions.

Louis-Dreyfus was grilled about the share revelations at the latest supporters collective meeting.

The minutes read: “PN (RAWA) asked why 41% a key number, and why was the impression given that it was a takeover.

"Many variations were discussed, and the process was complicated, but ultimately 41% was the final number that worked for all parties.

"KLD apologised to fans who felt misled and thinks he may have misjudged the sensitivity of the issue. It was never the intention to mislead.”

The minutes added: “The last year KLD has been about focusing on the task in hand and will communicate more with fans in the future.

“PP (BLC) asked following the initial share purchase by KLD, was there an agreed price to purchase additional shares at some stage in the future. KLD confirmed there is no agreement is in place.

"KLD has no plans to add more directors to the board.”

Sunderland are scrapping for a play-off place and host Fleetwood Town at the Stadium of Light on Tuesday night.

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