Sunderland have sacked manager Chris Coleman after failing to keep the club in the Sky Bet Championship.
The 47-year-old left his role as Wales national team boss to succeed Simon Grayson at the Stadium of Light last November.
But Coleman could not prevent the Black Cats from suffering relegation during his five months in charge.
CLUB STATEMENT: Sunderland AFC to change ownership pic.twitter.com/REy00JBFsl
— Sunderland AFC 🔴⚪ (@SunderlandAFC) April 29, 2018
A statement on the club's official website read: "Sunderland AFC announces that manager Chris Coleman and his assistant Kit Symons have been released from their contracts.
"The club would like to place on record its sincere thanks to Chris and Kit for their tireless efforts in what has been a hugely disappointing season for everyone involved with the club.
"The club is unable to make further comment at this time."
Fifteen minutes after Coleman's sacking, Sunderland announced owner Ellis Short had agreed to sell the club to a group led by Stewart Donald, the chairman of National League side Eastleigh.
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.
"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.
