SUNDERLAND shareholders Stewart Donald and Charlie Methven are planning to sell their stake in the club to a cryptocurrency group, reports suggest.
That is according to The Athletic, who report that Donald and Methven are keen to sell their combined 39 per cent stake – valued at £11.7million – to The Fans Together.
Negotiations are ongoing while reports suggest the duo will cut ties with the Championship club if a deal is reached.
This comes after Donald sold 41 per cent of the club to Kyril Louis-Dreyfus, who is now Sunderland’s 24-year-old chairman, last year.
Uruguayan businessman and politician Juan Sartori still retains the remaining 20 per cent.
Methven told The Athletic: “We are currently actively engaged with two external parties, both of whom have submitted acceptable offers, and now it is simply a question of which of them, or indeed anyone else, can get the deal done quickest.
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“The chairman of Sunderland AFC has asked that the sale of our shares be completed before the start of next season if at all possible, which we entirely agree with, but ultimately that is now in the hands of the bidders and their lawyers.”
TFT representatives were guests during Sunderland’s play-off semi-final first leg victory over Sheffield Wednesday last month.
There are still several hurdles left to clear before a deal is completed as the cryptocurrency group have yet to pay a deposit for the sale of the shares.
They would also have to pass the English Football League’s Owners and Directors’ Test.
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A TFT spokesperson told The Athletic: “The Fans Together, an organisation dedicated to bringing large scale widespread fan ownership to reality, confirms it is in discussions with Stewart Donald and Charlie Methven to acquire all of their 39 per cent stake in Sunderland AFC.
“In Sunderland, we have deliberately chosen a club with a large fan base that is in a sound financial state and we are keen to work with existing shareholders to continue to build on the momentum achieved through the recent promotion to the Championship.
“While discussions are ongoing, we are unable to provide further information at this moment in time, however we will update fans and wider stakeholders as soon as possible.”
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