'Massive News' - Exclusive: Phillips reacts to 'Huge' Sunderland financial update
Kevin Phillips is hopeful that Sunderland will not be reliant on the money they will receive from a Premier League bailout of EFL clubs.
Speaking exclusively to Football Insider correspondent Dylan Childs, the legendary former Black Cats striker insisted the club will not need the money if a proposed takeover is completed.
The north-east giants will receive a guaranteed £375,000 as part of a £50million Premier League bailout package announced this week.
Of the £50million, £15million will be distributed based on lost gate revenue share with Sunderland having an average attendance of over 30,000 last season, the highest in League One.
The rest of the money, £20million, will be available as “monitored grants” for League One and Two clubs that will be means-tested.
Phillips told Football Insider: “It is massive news for all Football League clubs but I hope Sunderland will not need it if this takeover gets completed.
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“It is great to know that there is financial aid available if it is needed by the club.
“It is a huge boost for all Championship and EFL clubs. Hopefully, that can keep clubs in business until the pandemic is over, that would be great.”
Shareholder Juan Satori and 22-year-old Kyril Louis-Dreyfus have been in talks with current owner Stewart Donald about taking over Sunderland since the beginning of November.
Satori currently has a 20% share in the club and has brought in billionaire heir Louis-Dreyfus as part of a consortium to buy the club. Donald would retain a 15% share in the club if a deal is completed.
In other Sunderland news, Kevin Phillips has revealed what he has heard on three managers in the running for the job.