The former Eastleigh owner took charge of the Black Cats last May after billionaire Ellis Short sold the club following their relegation to the League One – a year after they dropped to the Championship from the Premier League.
Donald has been struggling for extra finance needed to take Sunderland forward, and the latest deal from the Far East consortium values the club at around £54million.
He is expected to stand down as the chairman after the takeover, to be replaced by the new group’s main man, but he will get to keep around 25% interest in the club and make huge profit after a year.
Donald had earlier turned down selling to the consortium fronted by a New York financier and with money from Singapore and Malaysia, and was also in talks with a local businessman and an American company who wanted to put the club on the New York stock exchange.
The latest deal not only provides more money to finance Sunderland, though, it also leaves the current owner with a say in the club’s future, and the bidders are in agreement with the contract.
The Black Cats, who came fifth in the regular season are looking to secure instant promotion back to the Championship, and they play Portsmouth tomorrow in the first-leg of the play-offs’ semi-finals.