SAFC FINANCES – WHERE THE MONEY WENT

FINANCIAL REPORT FOR 2015-16 REVEALS RISE IN TV PAYMENTS, DROP IN GATE RECEIPTS, INCREASE IN WAGE BILL AND £850K SETTLEMENT FOR MARGARET BYRNE

Former Sunderland AFC chief executive Margaret Byrne walked away with a £850,000 settlement after quitting over the handling of the Adam Johnson case, according to the club’s latest financial report.

The former lawyer resigned from the Black Cats’ board in March 2016 after the midfielder’s conviction for child sex offences.

She had been central to the decision to allow Johnson to continue to play for Sunderland while on bail.

The club released its financial results toth een d of July 2016 at the end of last week and the full document has now been posted on the Companies House website. Under a section headed 'directors' Emoluments,' It reveals that the hightest-paid director received L1,207,770 during the year, including 51,868 in pension contri- butions, ‘of which £850,000 related to compensation for loss of office’.

According to documents posted on the website, Margaret Byrne is the only director to have parted company with the club during the period covered by the accounts.

The latest figures show the club had a turnover of £108million, an increase of £7million on the 2014-15 figures and making a small operating profit of £1.5million, but post-tax loss rose from £26.6million to £33million.

Sunderland received £71,582,000 for television and media rights in the year to the end of July, up from £69,071,000 in the previous 12 months.

Gate receipts account, ed for just 10,439,00 in income last year a fall of 350,00 on the previous season,while conference. banqueting and catering brought in 10,323,000, up from 9,162,00 the yea before. The club saw income from retail and merchandising jump significantly, up from just £791,000 in the year to the end of July 2015 to £3,823,000 in the latest accounts.

But the wage bill, including pension and social security costs, also rose, up from £77,106,000 to £83,937,000 – more than 77 per cent of turnover.

Chairman Ellis Short previously said: “We acknowledge that our financial performance must improve significantly.

“It is not something that can be fixed overnight, however we have taken the first steps towards making the positive changes necessary by restructuring the club at senior level, including the appointm of CEO Mar“tin Brain last summer. 'Implementing these changes was done with the giving us the best proactively address the issues we face, both on and off the field, both that will be our focus moving forward.