STRUGGLING Sunderland were warned of the dire financial consequences of another relegation battle last night.
As the Black Cats prepared for Saturday's crucial Tyne-Wear derby, the importance of Peter Reid steering his side away from the danger zone in the next four games was spelt out.
Leicester City have had six-sevenths of their value wiped out in just 12 months, and are now worth just £3m - as opposed to more than £20m this time last year.
Such a fate would befall Sunderland, argued analyst Vinay Bedi, unless winning football returns to the Stadium of Light quickly.
Bedi, a director of Newcastle stockbrokers Wise Speke, said: "Leicester's market value now is £3m and it was this time last year that the share price started to be hit.
"Their turnover was £15m less than Sunderland's, but they still turned over £30m up to July 2001.
"The sole reason the price plummeted was their bad results that ultimately led to them losing their Premiership status.
"The market will give Sunderland a little bit longer than six games to get it right - but if the results haven't improved after ten games, it will be reflected in the share price."
The Black Cats had 20 per cent, or £3.2m, knocked off their value earlier this month when they issued a profit warning.
Sunderland's share price stabilised yesterday after an early slip and closed on 166.5p, the same as the start of business.
* Sunderland's Worthington Cup second round tie with Cambridge United will take place on Tuesday, October 1, kick-off 7.45pm. Tickets for visiting fans will go on sale next Monday. They cost £13 for adults, and £8 for U-16s and senior citizens.
Read more about Sunderland here.
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