The latest financial accounts from Sunderland show a substantial financial loss, with increased expenditure on players a major factor. The Black Cats saw losses rise by over £1 million from the previous year to £27.9m after spending £28m on new purchases before the club record signing of Asamoah Gyan.
The figures do not take into account the sales of Kenwyne Jones, Marton Fulop, Martyn Waghorn and Darren Bent, nor do they include the fees and wages for Gyan, Stephane Sessegnon and Sulley Muntari over the past six months.
Wages have risen by over £2m to more than £46m per year.
The report states: "The directors consider the major risk of the business to be a significant period of absence from the FA Premier League.
"Ongoing investment in the playing squad aims to reduce this risk."
Owner Ellis Short gave interest-free loans amounting to more than £28m and has pledged his long-term support, with turnover improving only marginally from £64.6m to £65.4m.
