Sunderland Announce Annual Loss of Over USD40m

English Premier League soccer club Sunderland has claimed that the last year, to July 2010, was one of “growth and development” despite announcing an annual loss of US$41.12m, a figure $3.22m deeper than the year previous.

Sunderland’s chief executive Steve Walton admitted that the club was “facing challenging economic times, both nationally and regionally”.

However, having only run up to the summer of 2010, the latest figures do no incorporate two major dealings in the club’s history. Firstly, the record signing of Ghanaian international striker Asamoah Gyan and secondly the club’s record sale in star man Darren Bent, whose transfer to rivals Aston Villa is reported to be a potential sum of $38.7m

Turnover rose to $105.46m but operating expenses – which include players’ wages and utilities charges – also went up, to $113.5m.

During the period Sunderland, known as the Black Cats, spent $42.25m on transfers, signing 10 players and taking three more on loan.

Mr Walton said: “There has been significant investment made to improve our playing squad and we are now starting to see the benefits of that investment.”

He said the support of owner Ellis Short put the club in a secure position, converting a further $30.6m of loans into shares in the club.