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Chris Coleman has been “released from his contract” as Sunderland manager, while owner Ellis Short has confirmed he has agreed a deal to sell the club.
An “international consortium of football investors”, led by Eastleigh chairman Stewart Donald, will take over Sunderland subject to EFL approval.
The Black Cats were relegated to League One after losing to Burton on 21 April, their second successive relegation.
Coleman left his job as Wales manager to replace Simon Grayson in November.
The 47-year-old guided his country to the semi-finals at Euro 2016, but is now out of work having won just five of his 29 games in charge at the Stadium of Light.
‘All debts paid off’
In a statement, Short said he had paid off all debts owed by the club, leaving them “debt free for the first time since years before” his takeover in 2008.
Sunderland had been listed in Uefa’s annual report as having the 13th highest debt in Europe, more than clubs including Paris St-Germain, Porto and Newcastle.
In February, Short said he would be willing to give the club away for free to a buyer willing to take on the club’s debts.
“For a club with one of the best fanbases, stadium and academies in the UK to find itself in League One is unacceptable,” said Donald.
“We have a carefully thought-through plan to restructure the club, make it sustainable and, with the help of the fans, to restore its sense of pride and reconnect it with the local community.”
Sunderland chief executive Martin Bain last week said “being sold would be a game-changer” and that “it won’t take a lot to make this club great again”.
BBC