MANAGER Mick McCarthy last night warned that Sunderland will be trying to win promotion "on a shoestring''.

McCarthy left fans in no doubt about the mammoth task he faces in his bid to lead the Black Cats back into the Premiership at the first attempt.

Sunderland are over £26m in debt and face an estimated £20m drop in income next season.

McCarthy is focusing his search for new recruits on football's bountiful bargain basement as he prepares for the loss of star players like striker Kevin Phillips and goalkeeper Thomas Sorensen.

This summer has seen a 20 per cent rise in the number of players released by clubs compared to a year ago.

McCarthy has been forced to free youngsters as well as tell established first-teamers like Phil Babb and Joachim Bjorklund, that they are surplus to requirements.

And the former Republic of Ireland boss paints a gloomy picture for those who find themselves on the scrapheap.

"It's sad if you're a kid on £125 a week and you're having to move on,'' stressed McCarthy.

"Two or three years ago this game was booming. Now, players like Matt Holland, who played under me with Ireland, are going for £750,000. That's a benchmark for how the game has changed.

"I don't know how many players will get back into football if they don't start next season with a club.

"I'm like other managers in having to work on a tight budget. We have to do it on a shoestring and by bringing players up through the ranks.

"Sheffield United have managed to have a very good season by getting players on the cheap.

"If 45 players turn up here for the start of training on July 2, I'm working with them, but I think there'll be a lot moving on after that.

"All I'm concerned about are the players I'll be going with at the start of the season on August 9.

"I want players who see it as a fresh challenge and I've identified targets in all positions.''

McCarthy, who succeeded the sacked Howard Wilkinson in March, will welcome the chance to call on midfielder Claudio Reyna for the first time.

The USA star been out for over seven months since sustaining cruciate knee ligament damage.

McCarthy said: "I crossed swords with him as a player when the USA played Ireland and I would love to have him back playing.

"If he was one I was sticking in the team for the first game of the season, I would have no qualms about that because he's a top performer.

"He leads with his personality on the pitch, he's a good character and I would be delighted to keep him here.''

l Portsmouth chief executive Peter Storrie claims there is still some way to go before a deal for Ipswich midfielder Matt Holland can be completed, writes ANDY HAMPSON.

First Division Town yesterday ''reluctantly'' accepted a £750,000 bid from Premiership new-boys Pompey for their prized Republic of Ireland international.

Ipswich, who were prepared to sell the player to Aston Villa for £4m last summer, had hoped to keep Holland, but financial reasons forced them to accept the cut-price offer. Storrie, however, insists the deal is far from done and said: ''We have spoken to Ipswich about Matt.

''Unfortunately though we would ideally like to keep wraps on these sort of things till it's a done deal the news can leak from various other sources."

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