Donald told the club's official website: "Holding this position has been a privilege, and not one I have given up lightly. Results and performances on the pitch have simply not been at a level befitting of Sunderland's history and potential.

"I fully recognise that has caused immense hurt and, ultimately, the buck for the club starting a third successive season in League One stops with me.

"To give the club the best chance of achieving its goals, I have made the judgement that it is right for me to step back from the chairmanship. In recent months, we have assembled a strong board with relevant experience and skill-sets.

"As the majority stakeholder, my remaining responsibility is to ensure that the club has the requisite financial backing to achieve its primary objective of promotion, and I can assure supporters that the club will continue to have the highest playing budget in this division.

"Otherwise, my intention remains to sell SAFC to a suitable new owner, and I remain personally committed to that goal."

Donald's departure comes less than 24 hours after head of football operations Richard Hill and head of recruitment Tony Coton left the club.