OUTGOING Eastleigh supremo Stewart Donald has today completed his takeover of Sunderland.

A £40 million deal sees the League One club pass from Texan businessman Ellis Short to the former Spitfires owner/chairman. 

The English Football League has ratified the change of ownership with Short ending his nine-year spell with the Black Cats by writing off the club's debts.

"We've given Ellis £40 million, so that's the deal, and in return Ellis has tied up his debt and that's now gone from the football club,"  Donald clarified in a media conference this afternoon.

"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."

Donald hopes to name a new manager within the next seven days to succeed Chris Coleman.

With regards to the transfer budget, he said: "It will be pretty hefty by League One standards.

"There will be transfer fees involved in the players we bring in. It will be a good budget for Sunderland."

During his dynamic six-year spell at Eastleigh, Donald plunged more than £10 million into the National League club.

In order for the Sunderland deal to go through, he has agreed to pass ownership of the Spitfires to the exisiting board of directors and members of the club staff.