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EPL English Premier LeagueSunderland Club Accounts Show Eight-Figure Deficit

Sunderland Club Accounts Show Eight-Figure Deficit

The Daily Mail and the Times have published a confidential copy of results for the year ended July 2019 accounts of Sunderland, exposing £20.5million missing.

The Mail and Times say that the balance sheet’s £20.5million deficit constitutes one of the Black Cats’ bonus payments owed following their relegation to the Premier League.

This number was earlier allegedly used to promote Donald’s purchasing of the club for £40million. The purchase was facilitated by a holding company (Madrox Partners) and the national reports suggest that this sum of £20.5million was used to help fund the deal.

It was previously suggested that the shareholders would repay money, but the report states that the money has now been written-off by Donald and his fellow shareholders by way of an ‘exceptional operating expense’, which removes their legal obligation to repay the money.

Sunderland has replied the money would be refunded either as a donation or by shareholder funds. They claim this procedure has already begun but it will take to be proven before next year’s accounts are published.

Meanwhile, this massive eight-figure deficit in the club’s coffers, as per the national sources, has deterred a variety of buyers who have tried to buy or invest in the group.