April 30 – Former Sunderland chief executive Martin Bain received more than £1 million in compensation last year even though the Scot oversaw two consecutive relegations during his tenure and enacted huge cost-cutting at the club, according to Sunderland’s financial accounts.
In May 2016, Bain was appointed on an annual salary of £1.24 million at Sunderland. The ex-Rangers and Maccabi Tel Aviv boss was the highest paid chief executive in the Championship last season, but failed to prevent the Black Cats from going down again or haemorrhaging money. In total, Bain received almost £1.9million in pay and compensation last season.
The news will come as a shock to Sunderland fans. Sunderland’s turnover halved from £123.5 million to £63.7 million, despite receiving £35 million in parachute payments, when they dropped out of the Premier League.
Bain kept the club’s losses to £500,000 a week after slashing operating costs from £151 million to £82 million and selling Jordan Pickford to Everton.
Last year Sunderland lost another £26 million as debts mounts. The club’s total losses now stand at almost £250 million, with over £200 million of that sum coming in the last decade.
Sunderland sit in fourth position in League One, six points behind Luton and Barnsley in the automatic promotion slots, but in the play-off positions for promotion. They travel to Fleetwood tonight.
Contact the writer of this story, Samindra Kunti, at moc.l1563791781labto1563791781ofdlr1563791781owedi1563791781sni@o1563791781fni1563791781