Sunderland have taken out a new loan from the Macquarie bank, documents filed at Companies House show.
The Black Cats took out a loan from the Australian bank in October last year, secured against their Premier League TV revenue from January to April of this year. A registration of a new charge has been filed at Companies House dated February 13th, showing that Sunderland have now agreed a new agreement to loan funds against their Premier League central funds up until June next summer.
Macquarie bank have previously had a number of similar arrangements with Premier League clubs, including Wolves, Bournemouth and others. Clubs sometimes use this approach to manage their cashflow over the course of a campaign, with Sunderland investing heavily in all areas across the club following their promotion to the Premier League. That investment has continued in the months since, and more is planned.
It means that Sunderland have two creditors registered at Companies House, having opened a credit facility with Akira BV earlier in 2025. That company has close links to Sunderland majority shareholder Kyril Louis-Dreyfus, as it is owned by the Louis-Dreyfus group of which Kyril’s mother, Margarita, is Chairperson. That arrangement means that Akira BV hold a charge over a number of club assets including the Academy of Light. Sunderland therefore no longer hold a debt-free position, having used the funds borrowed from Akira BV to clear the club’s banking overdraft.
The latest deal with Macquarie bank was signed by Kyril Louis-Dreyfus, and witnessed by club director Igor Levin.
While the club’s debt has steadily grown during the tenure of Louis-Dreyfus and Sartori, this has previously been mostly internal debt to their holding company, Mercator. This does not incur any interest costs to the club. As of the most recent accounts, that debt had grown to £19,820,000. The ownership group have consistently stated their intention to convert this into equity, though has not yet occurred. The club’s accounts for the 2024/25 campaign are due to be released next month and will offer an update on the club’s debt position.
The new charge can be viewed here.
Sunderland chief issues update on club’s financial position to supporters
Chief Business Officer David Bruce told Sunderland supporters at a recent meeting of the supporter collective that the club is in a strong overall financial position, and in a good place ahead of the move to a new set of financial rules this summer.
Bruce confirmed at the recent meeting that the club had voted in favour of the move from PSR to Squad Cost Ratio rules, which will come into force ahead of the 2026/27 campaign. Whereas PSR operated by limited the total losses clubs could make over a three-year period, SCR works in real time. Clubs will instead be limited to spending 85% of their projected revenues, which will be agreed in advance with the Premier League, on first-team squad costs.
While some clubs outside the ‘big six’ oppose the change, Bruce told fan groups present Sunderland believe it will keep the Premier League competitive and believe it a positive that it enables clubs to spend more freely on infrastructure. The club’s latest set of accounts are due to be published next month, covering the 2024/25 campaign. They are expected to show a strong performance, as they will not include the bulk of last summer’s transfer spend but will include the sales of Tommy Watson, Jobe Bellingham and Jack Clarke. Bruce did say, however, that those sales will be offset in part by the significant bonus payments that followed promotion back to the Premier League. Bruce said the club’s financial position is ‘positive’ and that underlining revenue is ‘strong’.
The minutes from the meeting read: “The 2025 Club accounts are due to be published shortly and can be discussed at the next meeting. However, the Club is in a healthy financial position. £10+million was invested in stadium infrastructure and improvements in the summer, and there was considerable squad investment. There has also been investment in staffing and resourcing to compete in the Premier League, particularly in the commercial department. Operating expenses in last year’s figures are unusually high, due to bonus payments on promotion.
“Player trading has been good, noting the sales of Jobe Bellingham and Tommy Watson, and the Club is well positioned with respect to PSR. The trend is positive, underlining revenue is strong, and costs are well-managed, ensuring the team will be able to continue to compete on the pitch (DB).
“At the recent Premier League shareholder meeting, Sunderland voted in favour of the introduction of Squad Cost Ratio (SCR) as the new financial control mechanism in place. It is different from PSR, which assesses losses over 3 years, with SCR focusing on driving revenue and the cost of your squad. SCR works in real time rather than retrospectively. Aligning with UEFA, the Club believe it will help competitive balance, which keeps the Premier League strong, and encourages investment off the pitch, in facilities and infrastructure. Sunderland AFC is well positioned for the last year of PSR and for SCR when introduced (DB).”
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