Sunderland's debt levels rose to the 11th highest in European football in the 2015 financial year, a UEFA study has shown.
The UEFA Club licensing benchmark report sets out the financial picture across the continent and underlines Sunderland's need to be frugal in the January transfer window.
The report claims that Sunderland's net debt rose to above €200 million, growing by 36% year-on-year, with only QPR and Manchester United recording higher debt levels in British football. It demonstrates why FFP concerns are such a major factor in the Black Cats January business, with their net transfer spend the 12th highest in Europe for the financial year.
CEO Martin Bain has already spoken of breaking the 'short-term' cycle of business that has seen Sunderland make major losses in the transfer market.
There was encouraging news in the report, however.
Sunderland were in the top 30 for revenue growth, showing an €8 million and 7% year-on-year growth. Their total revenues were €134 million for the financial year.
The report also showed that 68% of Sunderland's revenue came from TV money.
That is a high number but is also smaller than a number of Premier League teams, including Swansea City, Stoke City and Crystal Palace.