Stewart Donald has denied he bought Sunderland with the intention of making a profit from a subsequent takeover in a statement reported via the Northern Echo.

A report in the Daily Mail suggested that Donald, along with Charlie Methven, used only £5m of their own money to but the ailing club last summer, but could pocket up to £40m with a takeover looming.

That's angered the former Eastleigh chairman, who has issued a passionate and in-depth response to the allegation being made against him.

He's made it very clear the state of the club when he moved to take them over, as well as the amount of work that's gone into putting them back on a firm footing, both on and off the field.

“I have been clear from the outset that we bought the club at a rock bottom price because of the dreadful financial state it was in. If I simply wished to make money out of Sunderland, we could have skimped on investment in the playing staff.

“And, we could have accepted Ellis' offer to port a large portion of his previous debt onto our company, kept the details of the purchase more confidential and sold the club in its entirety - for which I have had plenty of big offers."

He hasn't taken up that option, underlining both his transparency in financial matters and what he intends to see happen over the coming 12 months.

"Instead, I have been as open and transparent as possible with the fans and I am clear that I wish to retain a significant investment in the club for the long-term. The notion that I am going to leave Sunderland in the short-term, having made a quick profit, is simply wrong.

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"Just over a year ago, Sunderland was in very poor condition, both on and off the field. Twelve months on, the club is debt free and is in a position to come close to break-even over the next 12 months."

Sunderland face one of the biggest matches in their history this weekend as they look to regain their Championship status after just a single season in League One.

The Verdict

The murky world of football club ownership can always be interpreted in different ways. Happy-clappers will see no wrong with an owner, but there's always a group of people looking to discredit even the most scrupulous of club chairman.

Stewart Donald has done a fine job of keeping Sunderland afloat this season and whether that's been done with his own money or just his business acumen and a small investment, the outcome is the same.