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Ever since they were relegated from the top division in 1958, Sunderland have been a classic yo-yo club, even going down to what was then properly called the third division for one humiliating season. Their 0-2 defeat by West Ham yesterday was a setback to their promotion hopes which are also key to their financial salvation. Their 49,000 capacity ground is unlikely to be filled until the club is back in the Premiership. Meanwhile, its financial position, although not as bad as it was, remains dire. They have reduced their losses from £21m to £1m and their annual wage bill from £34m to £10m, but their final parachute payment from the Barclays Premiership has been spent. They have only made the savings by selling players and cutting jobs across the board. Champagne is no longer available in the boardroom to celebrate the club's successes. However, their debt remains worryingly large at between £35m and £40m. According to chairman Bob Murray, 'the banks have put no timetable on promotion.' However, he admits that the club hovers between 'surviving, getting a points deduction and competing.' For Sunderland fans, it must be particularly galling to be the only major north-east club not in the Premiership. Despite the fact that Charlton defeated Sunderland in the 1997 play-off final, the reception from the home fans at the Stadium of Light has always been a warm and friendly one.
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