Mon Sep 18, 2017 5:00 pm
‘PICKFORD FUNDS USED FOR PAST MISTAKES’
Sky Sports News
18th September 2017
Sunderland chief executive Martin Bain has admitted that some of the proceeds of Jordan Pickford's £30m sale have had to be used to fund past mistakes.
The Black Cats, who recorded a £33m loss after tax for the year to July 31, 2016, at which point they had debts of £110.4m, have had to tighten their belts in the wake of relegation from the Premier League at the end of last season.
Fans who thought there might be room for manoeuvre following goalkeeper Pickford's big-money move to Everton in June - and the departures of the likes of Jeremain Lens and Vito Mannone - have been left disappointed and angry amid speculation, vehemently denied by sources on Wearside, that the club could go into administration. However, Bain has confirmed a proportion of that income has had to be used to pay off remaining instalments on previous signings, including almost £10m to Inter Milan for Ricky Alvarez following a protracted legal fight.
Bain told the Sunderland Echo: "The income drop after relegation, from £100m to around £40m, has to be considered and so does the wage bill, which is still significant for this level, even though we have taken steps to reduce it.
"We've brought in £30m for Jordan Pickford, but that is needed for the running of the club. Yes, that money comes in, but then you have to consider the money that went out on legacy transfer payments at the start of the summer. Added to that we lose some of it when you consider Ricky Alvarez, a player we don't have, a mistake from the past."
Mon Sep 18, 2017 6:32 pm
Yeah read a few articles on all this and the bottom line is that Sunderland are going nowhere fast. They should be ok to survive this league this season. It is after that makes interesting reading. Will they quickly turn the corner like all big clubs do or will we see the start of the big fishes having to cut their cloth.