New Sunderland owner Stewart Donald promises the club will have a decent budget for next season.
Stewart Donald has been officially confirmed as the new owner of Sunderland after the EFL ratified his takeover from Ellis Short.
Donald will pay Short £40million over the next two years and said that the American has also eliminated debts at the Stadium of Light thought to be in excess of £100million.
The Black Cats are preparing for life in League One next season after suffering back-to-back relegation from the Premier League and then the Championship over the past two years.
While former managers Simon Grayson and Chris Coleman had to operate under tight financial constraints last term, Donald has promised significant funds for whoever the new boss is.
“The budget’s going to be pretty hefty for League One,” the former Eastleigh owner told the Guardian.
“It’s going to be a lot more than any of the teams that got promoted last season had. I’m sure it’s a budget one or two Championship clubs would like.”
Sunderland’s finances will be buoyed in 2018/19 by around £35million worth of parachute payments they will receive after coming down from England’s top flight in 2017.
However, there are some concerns about how the Wearsiders will be financed in the long term, but Donald is looking for outside investment.
“There are other people we both have in mind who have further capital and contacts that could be useful for the club going forward. Considerable investment is needed,” said his business partner and public relations expert, Charlie Methven.
“This is an organisation that has become used to failure and there needs to be a quick turnaround. But Stewart will be the major shareholder whatever happens.”
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