Kyril Louis-Dreyfus has completed his takeover of Sunderland, becoming the youngest owner in the club's history at the age of 23.
The Swiss billionaire has bought a majority share in the club from former owner Stewart Donald and has become the Black Cats chairman with immediate effect. Donald, alongside Juan Sartori and Charlie Methven, will each retain a minority share.
News that a deal had been reached for Louis-Dreyfus to purchase the club first broke on Christmas Eve, but Sunderland were made to wait nearly two months for the seal of approval from the EFL.
In a statement released on the club's website, the new owner 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 become a custodian of this esteemed institution, but I also recognise the significant responsibility that comes with it.
"Today marks the start of an exciting new chapter in Sunderland AFC’s history and although the current landscape facing football dictates that there are challenges to overcome, 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.”
Donald - a familiar face to fans of Sunderland 'Til I Die - purchased Sunderland in April 2018 following the club's relegation to League One. He has been attempting to sell the club for over 12 months.
“I am delighted to welcome Kyril Louis-Dreyfus to the club as our new chairman and controlling shareholder," Donald said. "Kyril’s commitment, acumen and integrity 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.
"We hope and believe that the new management team, with Kyril at its head, can finally complete the turnaround and get the club climbing the divisions once again.”