MARTIN BAIN has been challenged with turning around Sunderland’s creaking finances following his appointment as the club’s new chief executive.

Bain, who made his name as the head of Scottish Premier League side Rangers, was confirmed as Margaret Byrne’s successor at the top of Sunderland’s executive structure on Saturday evening.

The 47-year-old has been given a wide-ranging remit, and will work closely with manager Sam Allardyce and the rest of the Black Cats’ recruitment team as he oversees this summer’s transfer business.

One of his main priorities will be to overhaul Sunderland’s underperforming commercial operation, with owner Ellis Short admitting the club’s financial position has become increasingly troubling in the last few years.

Sunderland’s most recent financial figures, covering the year that ended in July 2015, revealed a pre-tax loss of more than £25m. Turnover in that period fell by almost four per cent to £97m, with the wage bill rising to more than £75m.

Addressing that imbalance will be one of Bain’s key challenges, and while next season’s lucrative new television deal will help swell the Black Cats’ coffers, there will be a drive to increase the club’s revenue, both on a match-day and away from the Stadium of Light.

“I am delighted to welcome Martin to Sunderland,” said Short, who has pumped more than £130m into the club in the form of direct investments and guaranteed bank loans. “With his commercial experience, commitment to working closely with local communities and impressive track record of building winning teams on and off the pitch, I know that we have someone that can take us forward.

“Martin will strive to transform our financial performances, which we acknowledge must improve significantly, into a stable and successful model, to give us a club that we and our fans can be proud of. In doing so, he will receive the full support of everyone at Sunderland.”

Bain first joined Rangers in 1996, and worked his way through the Glasgow club’s executive structure, taking posts as commercial director and director of football business prior to his appointment as chief executive in 2005.

His time at Ibrox saw Rangers win three successive SPL titles and appear in the UEFA Cup final, and he was also elected onto the Scottish Premier League’s board of directors.

He left Rangers in controversial circumstances when he attempted to block the sale of club to David Murray and Craig Whyte, and took over as the chief executive at Israeli club Maccabi Tel Aviv in September 2014.

He has overseen one of most successful periods in Maccabi’s history, helping guide the club to a domestic treble in 2015 and a place in the Champions League while driving strong commercial growth, and will officially begin work with Sunderland on July 1.

“It is a great honour and privilege to become CEO at a club with Sunderland’s rich history and heritage,” said Bain. “I have been fortunate to be a part of a team that has brought great success to two clubs with passionate supporter bases and I am excited by the opportunity to do the same at Sunderland.

“Sunderland fans are recognised as some of the most loyal and passionate in football. The backing they gave the team in the two recent vital home games played an integral part in the victories. Such tremendous support deserves a successful club and that is what we will aim to give them.

“I am looking forward to working closely with the chairman and everyone involved with the club, and will endeavour to do everything possible to help the club to realise its potential.”