Sunderland released their latest set of accounts covering the 2024/25 campaign earlier this week
The release of Sunderland's latest set of accounts, covering the campaign that ended in their win over Sheffield United win at Wembley, underlines that this was one of the most impressive promotion campaigns in recent history.
It also underlines the scale of Sunderland's achievements so far this season, bridging the ever-growing gap to the Premier League but from even further back than the clubs who have tried and failed to make the grade in recent seasons. An operating loss of £1.1 million means that over the course of their three season at Championship level, Sunderland lost just under £20 million. A huge sum of money of course, but a very modest one compared to many at the level. Sunderland managed to win promotion without overspending on transfer fees and wages, without the benefit of parachute payments, and with academy graduates playing 26% of the minutes across the course of the campaign. It is a remarkable feat and one that is worth celebrating almost a year on.
What the accounts demonstrate is that Sunderland, like the vast majority of clubs outside of the traditional 'big six' who are managing to succeed and grow in a challenging financial environment, are now reliant on strategic player sales for growth and success. Just as the departure of Ross Stewart for Southampton kept losses manageable in 2022/23, the sales of Jack Clarke, Jobe Bellingham and Tommy Watson were central to these impressive results. They would have been more impressive still, but the latter stages of the accounting period were skewed by the start of Sunderland's mega recruitment drive and also the payment of significant bonuses as a result of the club's promotion. Sunderland built the perfect platform to bolster their squad with real quality last summer, but it has also left them facing an understandably hefty bill. The accounts confirm that Sunderland have a net spend of £47,436,348 since the period which these accounts cover, as well as an outstanding transfer bill of £101,641,979. They could yet pay a further £36,380,876 in add-ons, though the prospect of that sum being realised in full is 'extremely remote'. Sunderland's TV revenues, around £12 million last season, will soar to around £130,000,000 this time around and with their top-tier status now all but guaranteed for another campaign, their financial position is not just stable but in fact very strong. However, it's clear that to keep investing in transfer fees while managing both the wage bill and amortisation costs that will be key to staying within the division's SCR rules, pragmatism will be required and the club will need to sanction the occasional bumper sale. The club's rapid growth over the last two years demonstrates that isn't something to be feared but merely the reality of modern football.
Sunderland's revenues are strong, growing £2 million thanks to the EFL's new TV deal and the club's play-off run. A turnover of £40,000,000 underlines how the club's fanbase give it a strong financial foundation that will likely grow naturally in the coming years as the feel-good factor grows and Sunderland are able to maximise on that through gate receipts, merchandising and the like. It's also true that understandably, their revenue streams lag behind clubs who have been established at the level for a period of time and on sponsorship opportunities both at home and abroad, Sunderland need to capitalise quickly. Sunderland's accounts show a club making strong progress but still in the early stages of a long journey - and serve as a timely reminder of how far they have come in a short space of time.
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