Black Cats’ billion fears
IT takes a staggering degree of mismanagement, bad decisions and incompetence to turn a billion pounds of income into nothing.
It’s been another worrying week at Sunderland, as owner Stewart
Donald confirmed he’d secured a £10million loan on the Stadium of Light and the shares he owns, to keep the club competitive.
Football academic Kieran Maguire calculated this week that the Mackems had £1.09billion in income while in the top flight, and spent £431m on players, only to end up in League One for a second season.
This week cash came in from US investors who will take control if the club defaults on payments. So when will Sunderland’s fall from the elite bottom out? This week must represent the low point, but there’s not much sign of a rapid revival.
Donald (above) says he “expects promotion” this season, but also admits to “worrying signs” on the pitch, as Phil Parkinson struggles to get going. The best he can hope for, with a team lacking athleticism and pace, is to go up via the play-offs.
Then stabilising in the ultracompetitive Championship would be a challenge – just ask Jonathan Woodgate and Boro fans.
Hearing Donald, who claims he could have cashed in for a £30m profit in the summer, speak openly this week about the complexities of the loan from US speculators, left fans cold, confused and concerned.
The charge that has irked him and fellow investor Charlie Methven most since taking charge 18 months ago is that they “came in as chancers to cash in and take the money”.
Now the bloodbath of cost-cutting has largely been worked through, Donald & Co have to prove they can spend the extra cash injection well, starting in January.
Chancers or not, Sunderland fans expect promotion this season. Fail and the spiral of decline will continue.