Former Sunderland boss Martin O'Neill has described their relegation to League One as "catastrophic" but is hopeful that the change in ownership could galvanise the ailing club.
The Black Cats will drop down to the third tier of English football next term for only the second time in their history after suffering back-to-back relegations.
However, owner Ellis Short has since revealed that a deal has been agreed to sell the club to a group led by Eastleigh chairman Stewart Donald, subject to approval.
"It is a great club and it has an absolutely fantastic support, no question about that," O'Neill told Sky Sports News.
"It's been a really frustrating time, it's been really frustrating for a number of seasons now. Staying in the Premier League seems to be what they were doing for a number of years and then they dropped out of it.
"And to go right through, it's just catastrophic. However, I think they are capable of coming back up and I have no doubt, if there are new owners, they will have that expectation and ambition to drive on again. It is probably a good time to take over."
Chris Coleman was sacked as Sunderland manager on Sunday, prior to the takeover deal being announced.
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