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Sunderland AFC reveal financial losses

Sunderland AFC have announced a substantial financial loss before tax, according to an annual report, with increased expenditure on players contributing.

The North East club saw losses rise by over £1 million from the previous year to £27.9m after spending £28m on new purchases before the club record signing of Asamoah Gyan.

The figures do not take into account the sales of Kenwyne Jones, Marton Fulop, Martyn Waghorn and Darren Bent, nor do they include the fees and wages splashed out on bringing Gyan, Stephane Sessegnon and Sulley Muntari to Wearside over the past six months.

Despite the losses, the club is expected to continue to invest in the playing squad in order to maintain a lucrative position in the top flight and offset expenditure on transfers and wages, with the latter having risen by over £2m to more than £46m per year.

The report states: “The directors consider the major risk of the business to be a significant period of absence from the FA Premier League.

“Ongoing investment in the playing squad aims to reduce this risk.”

Owner Ellis Short has stumped up interest-free loans amounting to more than £28m and has pledged his long-term support, with turnover improving only marginally from £64.6m to £65.4m.

Sunderland are currently seventh in the Premier League, but a failure to replace Bent and a host of injuries have left manager Steve Bruce with a depleted squad in recent weeks, with Gyan the only recognised striker fit to play for the foreseeable future.

This was posted in Bdaily's Members' News section by Ruth Mitchell .