Sunderland reports loss 17/02/2011 |
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Sunderland has announced a net loss of £25.5m for the year ending July 31, 2010.
The Black Cats saw turnover increase slightly to £65.4m but operating expenses also went up, to £70.4m, resulting in a loss before player trading of £5m.
And player investment figures of £26.2m, which included the signing of 10 players on permanent deals and three more arriving on loan, contributed to the overall loss, which was £2m more than for the previous year.
Sunderland chief executive Steve Walton said: "We are facing challenging economic times, both nationally and regionally.
"However, our financial results do continue to reflect a continued period of growth and development for the club.
"There has been significant investment made to improve our playing squad and we are now starting to see the benefits of that investment.
"The continuing support of our owner also puts the club in a secure position, giving us a positive platform to continue to build on."
It was also announced that owner Ellis Short has converted a further £19m of loans into shares in the club.
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