STEWART Donald is relinquishing control of Eastleigh after six years at the helm - and is prepared to give the club away for nothing as long as it is in safe hands.

In a bombshell statement released earlier today, the Oxfordshire-based millionaire businessman informed fans that it was "with great sadness" that he was putting the National League outfit up for sale in order to pursue a takeover of Sunderland AFC.

Reports from the north east say current Black Cats owner Ellis Short has agreed to sell the club debt-free following their relegation to League One.

An "international consortium of investors", led by new chairman Donald, will take over at the Stadium of Light subject to English Football League approval.

Team boss Chris Coleman, who left his job as Wales manager to succeed Simon Grayson at Sunderland in November, has been released from his contract.

Donald has pumped more than £10 million into Eastleigh since his company, Bridle Insurance, took over at Stoneham Lane towards the end of 2011.

Six years on the Spitfires are an established name in the National League and their Silverlake Stadium home is geared up ready for promotion to the Football League.

The club are debt-free, have more than 1,500 season-ticket holders and still average attendances of over 2,000 - despite a couple of disappointing seasons on the pitch.

It is not yet known what the repercussions of Donald's departure will mean for key club figures such as CEO Mark Jewell, director of football Richard Hill and team boss Andy Hessenthaler with one club insider stating: "There's no point second guessing at this point. We'll calm down and see where the next few weeks take us."

Donald was keen to point out that he was leaving the Spitfires in their strongest ever financial position and that the new owners would come in on the basis of ensuring Eastleigh "continues to provide affordable football and progresses on the field whilst incurring absolutely no debt."

His full statement reads: "It is with great sadness and regret that I have to inform the Eastleigh fans that I have put our football club up for sale.

"I have spent over six years at the club and, from the very first moment I arrived, I have been welcomed and treated with great respect and kindness and I am truly grateful for the support everyone has given regardless of how well the team have performed at any given time.

"It is an emotional decision for me and one that I did not expect to have to make.

"However, with my potential involvement in Sunderland, it is a condition that I must relinquish control of Eastleigh. If the rules were different I would have loved to remain with the club for many years to come.

"Eastleigh has become, and will always be, extremely close to my heart. I have always tried to look after the club to the best of my ability and this will never be more important than now when considering perspective new owner/s.

"The football club is in the strongest financial position it has ever been in.

"With a much-improved stadium and increased revenues enabling the club the ability to seriously compete in the top tier of non-league football and, whilst I have been unable to deliver League football, I hope the fans will reflect on my chairmanship as a positive one.

"My focus now must move to finding a suitable owner who will understand the ethos of the club.

"It is vital to ensure that the club continues to provide affordable football and progresses on the field whilst incurring absolutely no debt.

"I always ensured Eastleigh was run without debt and that any money provided was never going to create any debt.

"I would like to assure the fans that I will not charge for the sale of the club and do my very best to ensure that the club is passed to an individual or group that understands these principles and is committed to continuing them.

"I will obviously remain as owner for a short period and hopefully, I will get to see some of you before I depart and if not I will return and watch as many games as I can.

"Thank you all again for making my ownership such an enjoyable experience."