Sunderland AFC saw its losses widen despite increased revenues from returning to the Championship, new accounts show.
The accounts for Sunderland Association Football Club Limited for the year ending July 2023 essentially cover the previous season, where Sunderland got into the promotion play-offs in their first year back in the Championship, only to lose out to eventual winners Luton Town. Turnover increased from 拢25.9m a year earlier to 拢35.1m, but the club made an increased operating loss of 拢9.7m.
All areas of the club鈥檚 operations saw an increase in turnover, with the biggest rise being income from TV and media, which went up from 拢3.2m to 拢10.1m. But staff costs for the club also rose significantly to 拢25.3m, amounting to 72% of the club鈥檚 turnover.
In the accounts, chairman Kyril Louis-Dreyfus outlines how the financial year saw he and fellow shareholder Juan Sartori acquired the remaining shares of previous owner Stewart Donald, with Mr Louis-Dreyfus having two-thirds ownership of the club. He said the club鈥檚 ambition was to return to the Premier League but said this 鈥渞equires a long-term outlook鈥.
The current season - which is likely to be reflected in accounts published in 12 months鈥 time - has been less successful for Sunderland on the pitch, with the club sacking two managers and finishing 16th in the final Championship table.
In the accounts, Mr Louis-Dreyfus says: 鈥淭he club continues to invest in a strong core of talented young players and we believe this will provide the foundations for a continues profression through the upcoming seasons that will culminate in our ultimate objective of returning to the PL.
鈥淎t the start of the 2023-24 season, only one first-team player remains from the first game follow Kyril Louis-Dreyfus鈥 acquisition of the club, which represents a significant transformation and underlines the substantial progress made during a short space of time.
鈥淭he aim for the 2023-24 season is to continue the progression on and off the pitch as we strive to develop our talented squad and support services underpinning our business operation to ensure sustained success in the EFL Championship and provide the platform to achieve promotion to the PL.鈥
The accounts highlight investment to create new hospitality areas to boost matchday and non-matchday income. It also outlines improvements to technology and connectivity at the Stadium of Light and said the average home attendance of 38,653 was the highest in the Championship. The club also achieved record season ticket sales, it said.
Mr Louis-Dreyfus said the club was looking to increase commercial income to invest into the team, particularly through an application for a solar farm on land owned by the club close to the Academy of Light.
