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James Hunter

Sunderland's promotion failure raises investment questions

What price an investor now?

That is the question that will have been going through the mind of owner Stewart Donald as he saw at Wembley.

The television cameras pictured Donald in the Royal Box for the League One play-off final against Charlton Athletic, sitting next to American businessman, consortium-leader, and potential future investor Mark Campbell.

It is no secret that purchasing Sunderland last summer, while dealing with the ongoing costs of running a club of this size, has been a stretch for Donald.

That was why he did not pay Ellis Short the full £40m asking price up front, instead putting down an initial payment with the remainder paid only recently.

Within months of taking over, he then sold a 20 percent share in the club to Uruguayan businessman Juan Sartori.

And he has made no secret of the fact that he he would need to bring on board someone with more financial muscle if the Black Cats won promotion to the Championship, and in recent weeks talk of a takeover - or at the very least a substantial investment from a third party - has increased.

Reports of Campbell's interest broke in the media earlier this month, but his presence at Wembley was the moment he went public.

Sunderland players are flat out after Charlton's injury-time winner at Wembley (Andy Commins / Daily Mirror)

However Sunderland's failure to secure promotion certainly raises a series of questions.

Will Campbell still be interested in taking a stake in the club in League One? A Championship club is one step away from the Premier League, but the third tier seems like a long, long, way away from the top flight.

Does Donald need another investor for another tilt at League One? He enjoys his status as the main man and the line has always been that he has the finances to fund the club at that level.

And what price would Donald get if he did sell some or all of his 74 percent stake at this stage? The answer to that is a lot less than he could have expected had the club reached the Championship, and he might decide to wait and gamble on winning promotion next season in order to maximise his return.

Charlton skipper Patrick Bauer's 94th minute goal gave the Addicks victory and condemned the Black Cats to another season in League One.

And Sunderland fans must wait to find out if it has changed, anything, everything, or nothing, as far as Campbell's interest is concerned.

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