The Black Cats are not back to sightsee and collect their parachute payments - they are determined to become 'an established' Premier League club
It is a measure of how comprehensively Sunderland have been transformed on the watch of Kyril Louis-Dreyfus, their youthful owner, that the club now measure their transfer outlay in euros rather than pounds.
Among the multi-national crop of venture capitalists and sovereign wealth funds that make up Premier League owners in 2025, Louis-Dreyfus is probably one of the less high-profile.
The 28-year-old French businessman is not especially drawn to performative gestures or bold statements but when it comes to setting the tone and creating a culture, few will have had the influence of the Sunderland owner.
A quick example: when it came to trying to persuade Granit Xhaka to swap the Champions League and Bayer Leverkusen for a club recently promoted from the Championship, it was Louis-Dreyfus who was central to those efforts.
It is understood that Sunderland’s ambition was impressed upon Xhaka, and subsequently impressed him enough to get the deal done over an approach from AC Milan and offers from Saudi Arabia.
SUNDERLAND, ENGLAND - AUGUST 16: Kyril Louis-Dreyfus, (l) Chairperson of Sunderland, reacts in the stand prior to the Premier League match between Sunderland and West Ham United at Stadium of Light on August 16, 2025 in Sunderland, England. (Photo by Stu Forster/Getty Images)
Kyril Louis-Dreyfus spearheaded Sunderland’s impressive summer (Photo: Getty)
The club are not back in the Premier League to sightsee and collect their parachute payments – this is a critical point in what sources say is a “multi-year cycle to become an established, competitive” top-flight outfit.
Xhaka’s influence in the first three games – two of which Sunderland have won to make a flying start to life back in the Premier League – has been almost as impressive as the coup they pulled off to get him.
“Without Kyril, that transfer does not happen,” one insider says.
Others go further. One recruitment executive at a rival club said Sunderland’s aggression in the market “took him completely by surprise”. “It’s not just the number of players, it’s the quality of them. They’ve ruthlessly gone for it in certain markets,” he said.
But perhaps it shouldn’t be a shock. The culture created by Louis-Dreyfus – of taking risks, smart recruitment, leaning into data and “complete alignment” from senior staff who have his trust to deliver the vision – has been in place for a while.
The difference this summer is that the appointment of well-connected Florent Ghisolfi as director of football has “opened doors” to some of Europe’s most promising players and expanded their vision.
One of those picked out is Habib Diarra, the 21-year-old attacking midfielder signed from Strasbourg at the start of the summer. He looks tailor-made for the Premier League, which is exactly what scouting reports said he was, and has a “high, high ceiling” – already £30m looks like a bargain.
Sunderland are not gambling the house on this recruitment drive, either.
While the euros thing has created a few problems this summer as fans and journalists scramble to convert fees paid out into sterling (sometimes over-estimating the amount the club has invested) there can be little doubt they have gone for it in a bid to give themselves the best chance of staying up.
Those with knowledge of the true figure reckon the outlay to be around £150m but the net spend has been closer to £100m on 14 players. Around £50m has been recouped through the sales of the likes of Jobe Bellingham and Tommy Watson, who joined Borussia Dortmund and Brighton respectively.
But it has to be viewed as part of a wider strategy that began in League One and has seen Sunderland bank more than £100m in player sales in recent years.
They were able to “go for it” because of a player trading model that will remain central to what they do in the next few years.
Indeed The i Paper understands that Sunderland retain enough PSR headroom to go again in January if required – and there is the potential for further signings if needed. But Plan A is that this team continues to adapt to the rigours of the Premier League.
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They will be helped by boosted relationships with Chelsea, in particular. Sunderland had brokered a season-long loan for striker Marc Guiu with no recall clause but when the Blues needed to wheel and deal on deadline day – with a £70m move for Nicolas Jackson to Bayern Munich balancing on bringing the young Spanish striker back to Stamford Bridge – they acquiesced.
Sunderland were able to move quickly to sign long-term target Brian Brobbey from Ajax while preserving relations with Chelsea.
Externally Sunderland is now seen as a place where young players “get everything they need to help their career”.
They are the club where Callum Doyle was signed from Manchester City in League One and trusted to play more than 30 games and where Amad Diallo developed into a superstar.
Bellingham got his move to Borussia Dortmund after being “trusted completely” as a teenager.
Sunderland find themselves in a “good place” after their first skirmishes back in the Premier League. It’s a long battle ahead, but they feel they’ve armed themselves well for the fight.