The proposed takeover of Sunderland could be completed by the end of this week the club has confirmed, reports www.fcbusiness.co.uk

The Wearside club, who will begin life in League One next season, has been under the control of US billionaire Ellis Short but his interest in the club has waned in recent years reflecting the club's slide from the Premier League with two successive relegations.

A statement released by the club read: "Following a meeting with the EFL on Friday, and the provision of further information, we can now confirm that the proposed sale of the club could be concluded as early as next week.

"We would like to place on record our thanks to the EFL for their assistance during the process, at what is a very busy time of the football calendar for them."

Leading the takeover bid is Stewart Donald, who has sold his stake in non-league club Eastleigh FC to a group of existing board members, and, subject to EFL ratification, expects to be become the new owner of Sunderland AFC this week.

Sunderland are also expected to announce the appointment of a new manager following the dismissal of Chris Coleman.