Sunderland figure reveals historic and worrying £22milliom black hole in finances that had to be fixed.
The former Sunderland chairman has revealed a £22million financial black hole back in 2006
Niall Quinn has detailed facing a gigantic hole in Sunderland’s finances back in 2006.
The former Arsenal, Manchester City and Republic of Ireland striker joined Sunderland in 1996 and stayed until 2002, departing as a firm fan favourite after his iconic partnership with fellow forward Kevin Phillips. Quinn netted 67 times in 218 games across all competitions for Sunderland and was granted a testimonial at the Stadium of Light after his retirement.
The Dublin-born man then came to the club’s rescue in 2006 and successfully brokered a deal to buy a controlling stake in Sunderland, heading the Drumaville Consortium of wealthy Irish businessmen. Five years later, American businessman Ellis Short replaced Quinn as chairman of Sunderland with the Irishman appointed as Director of International Development. Quinn remained in the role until stepping down in 2012, six years after his initial involvement.
However, Quinn has revealed in an interview with the club’s YouTube channel that Sunderland were facing a whopping £22million black hole in their finances after the tenure of Sir Bob Murray had come to an end. The problem was, thankfully, eventually by Quinn with Sunderland then proceeding to win promotion under former Manchester United legend Roy Keane.
Quinn recalled: “What was most prevailing was they had just let 90 people go from the staff and it was a really horrible time at the club. The worst points total ever to get relegated, staff being made redundant, 14 professional players were left, it was pretty low, pretty flat. But to me it was the opportunity of a lifetime.
“We weren’t allowed to sign players for money for the first few weeks. Scottish Bank, who were owed a lot of money, £22million I think, pulled out of the deal at the last minute, they didn’t like what we were or who we were. So we had to find money overnight and literally we were playing Coventry first game of the season.
