SUNDERLAND chairman Bob Murray last night revealed that he is in talks with big business in a bid to further ease the club's financial plight.

The Black Cats are estimated to be £30m in the red following relegation and have already taken steps to address spiralling debts after the players agreed in principle to defer part of their wages.

After meeting representatives from the Professional Footballers' Association last week, Sunderland insist that applying to go into administration is not an option.

PFA deputy chief executive Mick McGuire has brokered a deal with the players which could be ratified within the next 48 hours.

Sunderland have also been advised by the PFA that the contracts of four or five players should be paid up. But Murray maintains that, despite the turmoil, the business community are not deserting the club.

He said: "As recently as last week, I met with investors who still have a strong appetite to get involved with the club, once we have concluded the current restructuring process, should we choose that route.

"We are different to some other clubs who have faced difficulties in recent times. We currently only have short-term and medium-term debt, which means longer-term financing is still a future option.

"We have not undergone a securitisation, which is still one of several further options for re-financing that we can consider.

"Securitisation basically involves borrowing money over the long-term, using future revenue streams as security.

"We have spent the last four years building a Premier League club and associated cost base, and the First Division we are in now is not the one we left.

"The gap between the two leagues has grown significantly and it is obvious that we have to make a significant financial adjustment.

"People should not be surprised to read about cost cuts and the news of possible player wage deferrals as these are just part of an ongoing financial process. This is necessary, but does not spell crisis for the club.

"The financial issue is not one for season ticket holders or corporate sponsors to be concerned about, but their support is greatly valued and we need it more than ever."

McGuire has emerged as a key intermediary in negotiations between Sunderland and their playing squad.

But he warned there is no "quick fix'' for the club's problems, saying: "It won't be done in six months, it won't be a quick fix. It will take two years' hard work.

"When a club's income goes from in excess of £25m to £5m, it's not easy to make that re-adjustment, particularly in a depressed market.

"Sunderland, a bit like Derby County last year, do not want to go into administration. They can see a way forward, but that needs support from a lot of areas.

"We've had meaningful discussions with Sunderland over the last three months. What they're proposing is nothing new to us. They realise that we need to go forward positively through a number of factors.

"The players were one, creditors were another and the banks were another. They all needed to fit in together to get that support from the players talking about a potential deferral of wages.

"The players would only do it if they knew they were going to get their money next year.

"We went to Sunderland last week, myself and an insolvency lawyer, to speak to the club for two or three days and they came up with a proposal.

"We amended it in various areas and then spoke to the players for about an hour. They were very supportive. They wanted one or two amendments to the agreement, and I've advised the club of that.

"I'm now waiting for them to come back and I'm fully expecting it to be agreed in the next 48 hours.''

McGuire has assured Sunderland that their finanical worries are not as serious as those which led Leicester into administration.

The former Coventry midfielder was also a pivotal figure when Leicester's squad accepted wage deferrals before the club went into administration last October.

McGuire revealed that after Leicester dropped out of the top flight in 2002, they were saddled with debts of over £70m, including a £28m commitment to the new stadium they moved into at the start of last season.

Their problems were compounded by the collapse of ITV Digital, with whom the Nationwide League had struck a multi-million pound deal. Leicester players agreed a wage deferral of 20 per cent before the club were granted an administration order.

But TV pundit and former Leicester hero Gary Lineker was the frontman in a consortium which in February raised the money required to take the club out of administration.

Leicester sustained success on the pitch and won back their Premiership status.

Once promotion was confirmed, the players at the Walkers Stadium - which months earlier had been dubbed "the Stadium of Plight'' - received money owed in wages and signing-on fees, altogether estimated at up to £3m.

"Leicester's postion was far more fragile than Sunderland's,'' said McGuire. "A creditor was going to serve notice and put them under.''

Like Leicester, Bradford City and Ipswich were eventually placed in administration following relegation.

But after meeting the players, Sunderland's vice-chairman John Fickling and financial director Peter Walker, the underlying message from McGuire is one of hope.

The goodwill of the players and patience of creditors and the bank, have clearly been critical in staving off administration.

l Sunderland's share price was down to 47.5p yesterday, a fall of 12 per cent on the day