Losses widen as SAFC feel Championship pain
SUNDERLAND AFC saw its losses widen despite increased revenues from returning to the Championship, new accounts show.
The accounts for Sunderland Association Football Club Limited for the year ending July 2023 essentially cover the previous season, where Sunderland got into the promotion play-offs in their first year back in the Championship, only to lose out to eventual winners Luton Town.
Turnover increased from £25.9m a year earlier to £35.1m, but the club made an increased operating loss of £9.7m.
All areas of the club’s operations saw an increase in turnover, with the biggest rise being income from TV and media, which went up from £3.2m to £10.1m. But staff costs for the club also rose significantly to £25.3m, amounting to 72% of the club’s turnover.
In the accounts, chairman Kyril Louis-Dreyfus outlines how the financial year saw he and fellow shareholder Juan Sartori acquired the remaining shares of previous owner Stewart Donald, with Mr Louis-Dreyfus having two-thirds ownership of the club. He said the club’s ambition was to return to the Premier League but said this “requires a long-term outlook”.
The current season - which is likely to be reflected in accounts published in 12 months’ time - has been less successful for Sunderland on the pitch, with the club sacking two managers and finishing 16th in the final Championship table.
In the accounts, Mr Louis-Dreyfus says: “The club continues to invest in a strong core of talented young players and we believe this will provide the foundations for a continues profression through the upcoming seasons that will culminate in our ultimate objective of returning to the PL.
“At the start of the 2023-24 season, only one first-team player remains from the first game follow Kyril LouisDreyfus’ acquisition of the club, which represents a significant transformation and underlines the substantial progress made during a short space of time.
“The aim for the 2023-24 season is to continue the progression on and off the pitch as we strive to develop our talented squad and support services underpinning our business operation to ensure sustained success in the EFL Championship and provide the platform to achieve promotion to the PL.”
The accounts highlight investment to create new hospitality areas to boost matchday and non-matchday income. It also outlines improvements to technology and connectivity at the Stadium of Light and said the average home attendance of 38,653 was the highest in the Championship. The club also achieved record season ticket sales, it said.
Mr Louis-Dreyfus said the club was looking to increase commercial income to invest into the team, particularly through an application for a solar farm on land owned by the club close to the Academy of Light.