Sunderland reveal massive losses

Sunderland today revealed they have an ongoing debt of £36m (€53m) and incurred losses of almost £21m (€31m) for the financial year just ended.

Announcing the results for the 12 months up to July 31, Sunderland plc chairman Bryan Sanderson noted the impact of relegation from the Barclaycard Premiership and the steps which have had to be taken to avoid further debilitating losses.

“We have taken great strides to stabilise the business,” Sanderson said in his statement to shareholders.

“We are all extremely determined to bring about recovery and revival and to give our stakeholders a club to once again be proud of.”

Sanderson admits Sunderland’s drop down into the Nationwide League was foreseeable at the end of a season which saw them sack first Peter Reid and then Howard Wilkinson as managers.

“Our relegation from the Premier League was not a surprise following the thoroughly inadequate performance on the field throughout the season,” said the chairman.

Even so when relegation eventually came it still had a demoralising effect.

“It was a major blow for our shareholders and supporters, and my first task is to apologise to them for a failure to deliver the prime objective of any football club – success on the field of play,” said Sanderson, who made no bones about the mistakes made.

“The management of the team and of the acquisitions in the transfer market was unacceptable and has cost your company dearly,” he admitted.

“In particular a large part of the £18m (€26m) squad purchases to try and save our Premiership status added little or no value.”