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Sunderland has received approval from the Football League for Kyril Louis-Dreyfus to acquire a majority stake in the club.
According to the club’s official websiteLouis-Dreyfus has become the new president of the club with immediate effect.
Stewart Donald, Juan Sartori and Charlie Methven will retain a minority stake in the League 1 club.
Louis-Dreyfus said: “I would like to thank Stewart, the Board of Directors and the EFL for their diligence and support throughout the recent process.
“I am proud to be the custodian of this esteemed institution, but I also recognize the great responsibility that comes with it.
“Today marks the beginning of an exciting new chapter in Sunderland AFC’s history and while the current landscape facing football dictates that there are challenges to overcome, I am confident that together we can weather the current storm and lay a strong foundation for achieve and long-term success for the club. “
Louis-Dreyfus is part of a family that owns an extremely lucrative global business operating in agriculture, food processing and transportation.
His mother, Margarita, runs the company which posted revenue of more than $ 36 billion in 2018. The family also owned Marseille before selling the Ligue 1 team in 2016.
The news is undoubtedly an exciting development for a club that has endured more than its fair share in struggles in recent years.
Louis-Dreyfus plans to take an active role in running the club, with a view to bringing the Black Cats back up the soccer ladder.
With Sunderland now debt free and keeping the stadium and academy as assets, its fans can look forward to a better future.