Stewart Donald: Sunderland owner steps down as chairman of Black Cats

Stewart Donald (right) took over from Ellis Short in May 2018

Sunderland owner Stewart Donald, who is "desperately trying" to sell the League One club, has stepped down as chairman.

Earlier this week, he told BBC Radio Newcastle that his asking price for the Black Cats was £37.6m and that he was encouraging fans to buy them.

Donald, who holds a 74% stake in the club, said he had not given up the role of chairman "lightly".

"The buck for starting a third successive season in League One stops with me," he said in a statement.

"To give the club the best chance of achieving its goals, I have made the judgement that it is right for me to step back from the chairmanship.

"As the majority stakeholder, my remaining responsibility is to ensure that the club has the requisite financial backing to achieve its primary objective of promotion, and I can assure supporters that the club will continue to have the highest playing budget in this division.

"Otherwise, my intention remains to sell SAFC to a suitable new owner, and I remain personally committed to that goal."

Former Eastleigh owner Donald has been Sunderland's majority shareholder since May 2018, when he took over from previous owner Ellis Short.

They finished eighth in League One last season, one point off the play-offs, when the league finished early and was decided on a points-per-game basis because of the coronavirus outbreak.