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Peel and dice two of the shallots.
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Peel and cut the other two into rings.
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Roughly chop the olives.
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Beat the egg
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Mix the ground beef, diced onions, beaten egg, breadcrumbs, and cheese.
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Season with kosher salt and freshly ground pepper.
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Form into balls.
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Heat the olive oil in a large skillet over high heat.
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Sear the meatballs on all sides and remove from the pan.
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Turn the heat down to medium
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Add the onion rings to the pan. Sauté until transparent.
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Add the olives and sauté for a few minutes.
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Stir in the wine.
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Season with salt, pepper, and sugar to taste.
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Simmer for 5 minutes.
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Transfer the meatballs back to the pan
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Turn them frequently until they are cooked through.
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Sprinkle the thyme over the top and cook for another
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Transfer the meatballs to the olive sauce and cook, turning frequently, until they are cooked through.
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Season with salt and pepper.
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Plate and serve.