KLD takeover hits a snag as EFL await Don and Juan guarantees
Sunderland’s propsoed takeover by Kyril Louis-Dreyfus has hit a snag with the EFL, according to a report.
The deal for the club was expected to go through early in the New Year but has taken another twist, with the EFL looking for funding assurances from Stewart Donald and Juan Sartori.
And with the two parties having agreed terms, the only hurdle left is the EFL's owners’ and directors’ test - documentation for which was lodged on December 24.
Now though, The Sun on Sunday claims that the EFL want Louis-Dreyfus’ partners to ‘commit for the next two years’, and that the takeover ‘will be completed’ once that happens.
Donald and Sartori own around 94% of the club after they acquired it from Ellis Short in 2018.
Both men are expected to retain a holding after Louis-Dreyfus acquires his controlling stake, though the exact percentage share has not been revealed.
And it seems that the EFL are looking for the two businessmen to provide assurances that they will ‘fund the club during that period’, along with Louis-Dreyfus.
It’s the latest twist in a takeover saga that seemed to be on the verge of completion when the club announced on Christmas Eve that a deal with the 23-yearold Frenchman had been finalised.
A club statement said: “Sunderland AFC can announce that an agreement has been reached for Kyril Louis-Dreyfus to acquire Stewart Donald’s controlling interest in the club. If
approved by the EFL, the deal will see Louis-Dreyfus become chairman at the Wearside club early in the New Year.”
It now seems that the deal may take a little while longer, reliant on assurances from Donald and Sartori.
Donald, speaking after it was revealed that a deal had been struck with Louis-Dreyfus last month, said: "From the early meetings with Kyril, his family and advisers, I have been greatly impressed with their knowledge and understanding, learned over a long period as owners of major football clubs in Belgium and France.
"I believe that experience, combined with a good plan, will provide a platform for the club to progress and I look forward to watching that progress from afar.”