The current Sunderland owner Stewart Donald has reached an agreement with businessman Kyril Louis-Dreyfus to sell his controlling interest in the club.
The deal still needs approval from the Football League, but if it is given the green light, Mr Louis-Dreyfus is expected to be the new Sunderland chairman early in the new year.
In a statement, Mr Donald said he believes the deal will allow the club to progress, while Mr Louis-Dreyfus added he can't wait to get started and his aim is to get the Black Cats back to the Premier League.
Mr Donald said:
Mr Louis-Dreyfus said thanks Mr Donald for his "integrity and reasonableness" over the last three months which have led to this event.He said: