SUNDERLAND'S millionaire footballers will agree to a wage deferral scheme before the end of the month to alleviate the club's mounting debts.

With Sunderland more than £26m in the red, and manager Mick McCarthy failing to find a buyer for his big-name stars such as Kevin Phillips, the players have come to the club's aid.

But fears that the Black Cats would become the latest fallen giants to go into administration were dismissed last night.

Mick McGuire, the deputy chief executive of the Professional Footballers' Association (PFA), said: "The picture at Sunderland is not a disastrous one. They have financial difficulties but they have a very positive plan for the future.

"They will have some hardship, but I feel very positive that they can bounce back. They will come back stronger for it."

Phillips and Tore Andre Flo are only two players who earn well in excess of £1m a year at a club that were the worst in Premiership history last season and have recently made 70 staff redundant.

Only last week, Flo turned down possible £3m moves to Turkish clubs Galatasaray and Besiktas that would have eased the Black Cats' plight.

But following a lead that was set by Derby County, Bradford City and Watford last year, Sunderland's players are poised to defer part of their salary until 2004.

McGuire, who has been working closely with the club for three months, added: "All the hard work has been done now and we're three-quarters there.

"Once the agreement is in place, there will not be any hiccups along the way."

Sunderland received almost £17m in TV income last season; they are expected to pick up no more than £7m from the same source during the forthcoming campaign.

But chairman Bob Murray remains upbeat about the club's future, despite their recent relegation and the financial troubles.

He said: "Our discussions with the PFA have been completely open and transparent, and have included the club's bankers, who remain incredibly supportive.

"It is important to recognise that the PFA are also currently in talks with or providing help and support to more than 40 clubs in the country.

"So Sunderland are no different to the majority of clubs in that respect, particularly since the club suffered relegation."

Season-ticket holder Brad Edgell, from Consett, County Durham, welcomed the prospect of players easing the team's financial burden.

He said: "This is good news. It should help the club not go into administration.

"But, at the same time, it's the players that got the club into this position in the first place and it's about time they took responsibility for it."

Read more about Sunderland here.