The issue of Sunderland's finances is inextricably linked with the ownership of Ellis Short.
Not even relegation to League One with the 'luxury' of a £35m parachute payment from the Premier League will put them in a favourable position.
The debt remains huge, even if player sales and the reduction in wage bill to £35m have trimmed down the last reported figures of £137.3m from April 2017.
To put it into perspective, Uefa's annual report lists Sunderland as having the 13th highest net debt in Europe, more than that of Paris St-Germain, Porto and rivals Newcastle.
Former Manchester City and Everton midfielder Jack Rodwell remains under contract and, although his salary also recedes, it still totals upwards of £40,000 per week. By contrast, the average salary of a League One player is between £1,700 and £2,500.
Any transfer fees or other sources of income such as parachute payments, central funding or television revenues - the majority of which are reduced in the third tier - will go straight towards servicing debt.