Sunderland first confirmed Coleman had been released from his contract, following their drop into League One.
Minutes later they announced a deal had been struck to sell to a group led by Stewart Donald, the chairman of National League side Eastleigh.
It will mark the end of Short’s turbulent ownership which has now seen Sunderland tumble from the Premier League to League One in less than 12 months.
Short said in a statement: “It is no secret I have been trying to sell Sunderland but I have waited until the right group came along that have the experience, finances and plan to take this great club back to where it deserves to be.
“Overall my chairmanship has not gone the way I would have wished; the many high points of a decade in the Premier League have been overshadowed by the low points of the last two terrible seasons.
“I was therefore determined to ensure that I leave Sunderland in the best possible hands and in the best possible state to turn the corner.
“To achieve this, higher offers from less qualified buyers were rejected and I have paid off all debts owed by the club and leave it financially strong and debt free for the first time since years before I owned it.”
The deal is subject to EFL approval and Donald has confirmed he has also put Eastleigh on the market.
He said in a statement: “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.”
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