Sunderland Make Losses Of £27m
In the year ending July 31 2012, Sunderland have made net operating losses of £26.9m, from a turnover of £78m.
While the club owner, Ellis Short, has covered the losses, their ‘business plan’ currently means our rivals are nowhere near complying with UEFA financial fair play rules.
Even more shocking is that these figures don’t take into account the summer signings of Fletcher (£12m), Johnson (£10m) and the January incomings; Graham (£5m) and N’Diaye (£4.5m)!
The Sunderland Chief Executive, Margaret Byrne, gave this defence of the appalling figures;
“Our results reflect a period where we embarked on a programme of continued investment in the playing squad, choosing to retain the services of those players that the manager identified as key to the team.”
I’ve never been a fan of O’Neill and always worried when we were linked with him, looking at the money he spent at Villa and the mess he left them in, he appears to be repeating the dose down the road.
There are no guarantees of success but O’Neill’s route of paying top dollar (in terms of value), both transfers and wages, for largely run of the mill Premier League players is looking a doomed template.
Newcastle United aren’t the finished article quite yet but you have to relish signings such as Sissoko and Cabaye, if we get a kick out of signing them at bargain prices then just imagine how Mike Ashley feels!
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