Sunderland will spend heavily this summer despite posting an annual loss.
That is the view of Stadium of Light legend Kevin Phillips, speaking exclusively to Football Insider about his former club’s accounts for the year ending 31 July 2020.
The Black Cats made an overall loss of £2.622million over the 12 months which reflects the first wave of coronavirus-hit revenue.
With full crowds not expected at stadiums until later in 2021, the League One club are expected to post similar losses for the current financial year.
The Sun‘s Alan Nixon claims Sunderland owner Kyril Louis Dreyfus will spend big if the Black Cats go up, with £60million earmarked for new faces in such an eventuality.
When asked by Football Insider if recent financial results could change the planned spending, Phillips said:
“He 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.
“£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.
“Fans should be back in stadiums next year as well and when it is allowed there will be at least 30,000 in most weeks, so the revenue will go up.”