Sunderland play down financial fears

Sunderland have failed to offload Phillips

Sunderland chairman Bob Murray has denied that the club is in crisis, despite calling in the Professional Footballers' Association in an attempt to avoid going into administration.

The club want the PFA to negotiate with the players to defer their wages because the club cannot afford to pay their existing salaries.

Already £30m in debt, Sunderland's financial problems have been exacerbated by their failure to sell high earners such as Kevin Phillips and Thomas Sorensen and poor season-ticket sales after their relegation from the Premiership.

Sorensen's Sunderland plea

Despite having the fifth best attendances in the UK and spending £20m on players, Sunderland were relegated with a record low points total and sacked two managers, Peter Reid and Howard Wilkinson.

But Murray played down fears that the club are on the verge of financial meltdown.

We are just in the wrong place at the wrong time Sunderland chairman Bob Murray

"We have not just started talking to the PFA, we've been in discussions with the union for the last three months as part of our planning process to deal with the financial implications of relegation," said Murray.

"Our discussions have been completely open and transparent and have included the club's bankers, who remain incredibly supportive.

"It is both normal and necessary to involve the PFA so that they can provide independent advice and support to the players during this process.

"It is important to recognise that the PFA are also currently in talks with or providing help and support to more than 40 clubs in the country.

"We are just in the wrong place at the wrong time, but we are resolute and strong enough to deal with the financial reality."

However, Murray went on to suggest that the players could feel the impact of that new "financial reality".

We are trying to find a formula to please the bank, suit the football club and that the players can cope with PFA chief executive Gordon Taylor

"There are a number of pieces to the jigsaw in restructuring our finances.

"They include making cost cuts across the business, which sadly has included 70 staff redundancies in the last two months.

"The players are also a big part of the club and therefore part of the jigsaw."

PFA chief executive Gordon Taylor said: "We are in talks with Sunderland and are trying to come up with a life-saving package.

"The players have been very considerate in deferring payment of a percentage of their wages in the hope the club can solve its financial problems.

McCarthy warns bargain hunters

"We are giving the players advice and trying to protect them as well as working with the club.

"We are trying to find a formula to please the bank, suit the football club and which is something the players can cope with.

"There are a number of things in the package and the players will be reimbursed."

Have your say on 606
The nation's biggest football debate