Former Sunderland striker Kevin Phillips has predicted his former club to spend heavily in the upcoming transfer window despite the monetary losses that were revealed in the latest set of club accounts.
The Black Cats filed the numbers for the financial year ending July 31, 2020 last week and it took into account that the club lost out on matchday revenues for the final few months of the season because of the termination of the League One season due to COVID.
The ending of parachute payments were also a factor in Sunderland’s turnover decreasing to £29.2 million – which is a £29.5 million drop from the season prior.
The ovrerall lost post-player trading was £2.6 million, and because of no crowds this season you can expect to see a similar set of finances this time next year for the current campaign.
Despite all this though, Kyril Louis-Dreyfus has arrived mid-season as the new owner of Sunderland and he possesses considerable wealth which has left fans very excited.
Alan Nixon of The Sun reported recently that the Swiss tycoon has a £60 million war chest on the side if needed to spend and former Black Cats sharp-shooter Phillips believes that the latest set of financial reports won’t make a difference to the ambitious transfer plans this summer.
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“He (Dreyfus) has come out and said there will be money available so you hope that will be the case. Hopefully he won’t backtrack because of this financial loss,” Phillips told Football Insider.
“£2.6million is a lot of money but in the grand scheme of things it is not too bad. When you look at the losses of some clubs it is off the scale. It is not ideal but Sunderland have made losses in previous seasons as well.
“Louis-Dreyfus has already come out and said that money will be spent. The intent is there. Hopefully that is the case come the summer and I think it will be.
“What league they are in will determine how much is spent.”
Phillips is right – a £2.6 million loss isn’t great but it could have been a lot, lot worse.
You’d expect them to take an even greater hit this season due to having to play the whole season without fans but Louis-Dreyfus has come in at a time where fans are expected back next season, so money is coming back into the club and luckily for him, Sunderland have one of the most passionate fanbases in the country.
If the rumours of the ‘war chest’ are true then if Sunderland do get promoted through the play-offs, then Lee Johnson could have a whole lot of money to play with, Financial Fair Play-depending of course, but the play-offs are no easy place to overcome as Black Cats fans know…