Sunderland owner Ellis Short has agreed to sell the club to a group led by Stewart Donald, the chairman of National League side Eastleigh, the Wearside club have announced.
The news comes as the second major announcement from the club on Sunday, with manager Chris Coleman sacked following their relegation to Sky Bet League One.
The deal between Short and Donald, who will now relinquish ownership of Eastleigh, is subject to English Football League approval.
Short oversaw a decade of Premier League football while in charge, but will leave with the club having suffered back-to-back relegations.
He said in a statement: "It is no secret that I have been trying to sell Sunderland, but I have waited until the right group came along that have the experience, finances and plan to take this great club back to where it deserves to be.
Sunderland 2018/19 specials (odds via Sky Bet)
- Sunderland to win Sky Bet League One - 11/2
- Sunderland to be promoted from Sky Bet League One - 2/1
- Sunderland to be relegated from Sky Bet League One - 14/1
"I was determined to ensure that I leave Sunderland in the best possible hands and in the best possible state to turn the corner."
Donald said: "All of us involved in this bid believe that Sunderland represents an extraordinary opportunity. Our group have all been involved in building - or rebuilding - football clubs to reach their potential and we believe that over the last decade we have acquired the necessary skillsets to overcome the many challenges that will face us at this huge club."
Donald also released a statement on Eastleigh's website, in which he said: "Eastleigh has become, and will always be, extremely close to my heart. I have always tried to look after the club to the best of my ability and this will never be more important than now when considering prospective new owner/s.
"The football club is in the strongest financial position it has ever been in. With a much-improved stadium and increased revenues enabling the club the ability to seriously compete in the top tier of non-league football and whilst I have been unable to deliver league football, I hope the fans will reflect on my chairmanship as a positive one."
Odds correct at 1330 BST (29/04/18)
