New Sunderland owner Stewart Donald

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Sunderland will have "pretty hefty" budget to boost promotion bid (May 21 2018)

Stewart Donald has guaranteed a "pretty hefty" budget for Sunderland's League One campaign after finally completing his takeover of the Black Cats.

Donald confirmed he paid former owner Ellis Short £40million, as well as the guarantee to wipe out the club's existing debt, as part of the deal which has now been ratified by the English Football League.

Donald told a press conference: "Looking at the numbers we have put through, the budget for Sunderland is going to be pretty hefty for League One.

"It's going to be a lot more than any of the teams that got promoted last season had got. It's going to be a good budget for Sunderland and I'm sure it's a budget one or two Championship clubs would like."

Donald also confirmed that the club hope to be in a position to announce their new manager within the next seven days.

Former Black Cats midfielder Alex Rae has been backed in to favourite by some bookmakers while St Mirren boss Jack Ross has also emerged as a contender.

Sunderland are 2/1 with the sponsors to be promoted from Sky Bet League One next season while Rae is 9/4 to be next permanent manager ahead of Ross, a 3/1 chance.