Some aspects of squad development have not worked as we had hoped

Sunderland statement

"A majority of those attending were season ticket holders, who all benefited from reduced prices," chairman Bryan Sanderson said.

He also admitted the club's poor on-the-pitch performance, which has left Sunderland five points off the relegation zone, had undermined "results off it".

"We acknowledge that some aspects of squad development have not worked as we had hoped," said the club, whose recent signings have included midfielder Jason McAteer and, on loan, Cameroon international Patrick Mboma.

"We are working hard to correct this."

Lean period

The club, which last season was one of the few Premiership clubs to run at a profit, reported an operating loss of �181,000 in the six months to the end of January.

Proceeds from the sale of players including Don Hutchison, Danny Dichio and Alex Rae helped the club report an overall pre-tax profit of �4.4m.

But Mr Sanderson warned of deeper than usual losses over coming months, a period in which, because of the close season, revenues are typically low.

Sunderland were braced for a rise in their bill for player wages, which equates to 46% of club turnover.

"Our wages to turnover ratio remains under control, but will increase," Mr Sanderson said.

Plans shelved

The club's financial troubles have prompted it to delay plans for expanding its Stadium of Light ground to a capacity of 55,555 seats, from 48,300, chief executive Hugh Roberts said.

"There has to be a business case for doing it, and there isn't that supporter demand at the moment to drive that extension," Mr Roberts said.

A further 7,000 seats would be a "step too far", he added.

But the club restated its commitment to its Academy of Light training centre for young players, which is set to open later this year.

Mr Sanderson said: "Ensuring that home grown talent feeds through to the first team will be a key factor in our future success."

Shares in Sunderland stood down 10p at 287.5p in morning trade in London on Tuesday.