THE good news for Sunderland is that Leicester City should return to the Premiership on Saturday.

The bad news for Sunderland is that Derby County could take another giant step towards the Second Division on the same day.

The differing fortunes of the East Midlands rivals, both relegated from the Premiership last season, is a vignette of the uncertain fate that awaits Sunderland in the Nationwide League.

They could follow Leicester and Micky Adams, their vibrant young manager who has defied a transfer embargo and a boardroom takeover to steer the club to the verge of English football's elite.

But then again, they could so easily emulate Derby, who currently lie just six points above the relegation zone after a disastrous season.

For every club like Charlton Athletic and Manchester City - both of whom have returned from the Nationwide League stronger and better equipped for the Premiership - there is a Bradford City or Coventry City.

And of course, there is Sheffield Wednesday - who, barring a miracle, will kick off next season in Division Two.

Just three years ago, they were welcoming Arsenal, Manchester United et al to Hillsborough.

In four months' time, Wednesday will probably be meeting the likes of Rushden and Diamonds.

Ever since Howard Wilkinson was sacked, Sunderland have strenuously pointed out that his shock exit was motivated by a determination to take affirmative action after Peter Reid was given too long.

They struck a similar chord yesterday as the club set its sights on a short-lived existence as a Nationwide League outfit.

Chief executive Hugh Roberts said: "Those who get it right early on have done well - just look at Leicester. But Ipswich and Derby didn't get it together early, and they've struggled since.

"We took the right action at the right time - and we'll be a successful club next season."

Certainly, anyone who expected Sunderland's £26m-plus debt to be reduced in the near future would be deluding themselves.

It also remains to be seen whether they can avoid going into administration - a fate that has befallen countless Nationwide League clubs this season.

But with a manager who has made all the right noises so far, allied to a squad that should be very competitive in a mediocre First Division, Sunderland can be confident of an immediate return to the Premiership.

How long it will take for them to get their finances back in order is another matter, however.