Sunderland owner Ellis Short has admitted the club's financial performance won't be fixed overnight after the club announced a huge £33million loss.
The Premier League club's latest finances were revealed for the year ending July 31, 2016.
The figures, which highlight the period from August 1, 2015 through to the end of July 2016, revealed an increase in loss from £26.6million the previous year to £33million after tax as the club continues to rely on Short funding any shortfall.
The club made a small operating profit of £1.5million and have also reduced their debt from £133.2 million, to £110.4 million.
Short admits the club has a long way to go to improve their financial situation, especially with income expected to take a huge hit if they are relegated to the Championship, but believes they can move forward under new chief executive Martin Bain, who replaced Margaret Byrne last summer.
The Black Cats chairman said: “We acknowledge that our financial performance must improve significantly.
“It is not something that can be fixed overnight, however we have taken the first steps towards making the positive changes necessary by restructuring the club at senior level, including the appointment of CEO Martin Bain last summer.
“Implementing these changes was done with the aim of giving us the best platform from which to proactively address the issues we face both on and off the field and that will be our focus moving forward.”
Other key figures saw turnover increase £7 million on the 2014-15 figures to £108million, but wages to turnover ratio also went up to 77.6%.