Former Eastleigh owner Stewart Donald has completed his takeover of Sunderland from Ellis Short.

Texan businessman Short, who has ended a nine-year spell as owner by writing off the club's debt, received £40m in return for the League One club.

The English Football League has ratified the change of ownership.

Donald says the club is now "debt-free" and added that he hopes to appoint a new manager to succeed Chris Coleman "within the next seven days".

Sunderland will begin the 2018-19 season at their lowest position in 30 years, after successive relegations from the Premier League to League One.

"We've given Ellis £40m, so that's the deal, and in return Ellis has tidied up his debt and that's now gone from the football club," Donald told a media conference on Monday.

"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."

In addition to sourcing a new manager at the Stadium of Light, funds also need to be made available to that appointment for the overhaul of Sunderland's playing staff after back-to-back relegations.

Donald has agreed a staggered payment with Short in the purchase of the club, to free up further funds for the season ahead.

"We'll make as much as is needed, the transfer fees aren't large," Donald continued.

"Looking at the numbers we've put through, the budget for Sunderland is going to be pretty hefty, and much more than of the teams that were promoted last season.

"We can generate the funds we need for that, there's a quite a huge discrepancy between the remaining player income in relation to transfer sales and going out, so that needs funding - which we've committed to fund of course. We tidy that up, that leaves us neutral.

"We're looking at the playing budget, there will be transfer fees involved, and that's going to be a good budget for Sunderland - one that a few Championship clubs would like."