The announcement comes simply moments after the sacking of supervisor Chris Coleman.
Quick has overseen back-to-back relegations on the membership once they had been assured to complete backside of the Championship this yr.
He mentioned: “It’s no secret that I’ve been looking to promote Sunderland, however I’ve waited till the best team got here alongside.
“Total, my chairmanship has no longer long past the way in which I might have wanted; the numerous top issues of a decade within the Premier League had been overshadowed by means of the low issues of the ultimate two horrible seasons.
“I used to be subsequently decided to be sure that I depart Sunderland in the most productive conceivable fingers.”
Donald, who will now reliquish possession of Eastleigh, mentioned: “All if us concerned on this bid imagine Sunderland represents an atypical alternative.
“We imagine that over the past decade we now have obtained the essential skillsets to triumph over the numerous demanding situations that can face us at this large membership.”
The deal is topic to English Soccer League approval.
Extra to apply.