Sunderland Administration Scare - 15/07/03

Sunderland were once seen as the paradigm case of a well run club with its new stadium and fanatical following. But following relegation they had plunged into financial trouble with debts of £28.6m in January. Half-year losses totalled £5.4m and the club has said that its wage bill has reached 'an unacceptable level'. In April the club announced that it was cutting backroom jobs and parting company with its chief executive. The club is talking to players and the PFA about deferring salaries as part of its financial restructuring. Shares slipped 12 per cent to 47.5 per cent on 14 July after weekend reports that the club may be forced into administration.