Kyril Louis-Dreyfus has become the youngest chairman in English football at the age of 23 after his takeover was approved by the English Football League (EFL).
The Swiss, who is the son of former Marseille owner Robert Louis-Dreyfus, has acquired a majority stake in the Black Cats from Stewart Donald.
Donald will maintain a minority shareholding in the club and has praised Louis-Dreyfus' "commitment, acumen and integrity", which he said "convinced us to accept his proposal."
"His vision and desire to bring success back to Sunderland was obvious from the outset and his bid is the one that we feel gives the club the best chance of long-term success and sustainability," he added.
The agreement for a takeover of Sunderland had originally been agreed in December, however, the League One club has had to wait for the deal to be given the green light from the EFL.
Donald had been trying to sell the Black Cats for more than a year and he stepped down as chairman in July, having become the club's majority shareholder in May 2018, taking over from Ellis Short.
Louis-Dreyfus takes the helm at Sunderland during a turbulent time for the North-Easterly club who, like all teams in England, are having to navigate through the challenges of the coronavirus pandemic. Additionally, the club has suffered relegations which has seen the side fall from the lucrative Premier League to League One, a position that supporters have been disappointed to see their team fall to.
"I am proud to become a custodian of this esteemed institution, but I also recognise the significant responsibility that comes with it," said Louis-Dreyfus.
I am confident that together we can weather the present storm and put solid foundations in place to bring sustainable and long-term success to the club."
Charlie Methven and Juan Sartori will also retain a minority shareholding alongside Donald and have said that the club is now free of debt.
Author: Jake Wilkin