"I think the fact that players, directors and senior management have come together and agreed to the deferral says an enormous amount about them as people and their personal loyalty and commitment to the club," said Sunderland chairman Bob Murray.
"It is tremendous that so many people at the club have willingly agreed to assist the club in this way.
"The players, football management and senior executives all understand the reality of our situation and what needs to be done in the coming months.
"It is inspiring and heartening to see everyone working so closely together and with such a great team spirit, so that the club can move forward positively again.
"I feel incredibly grateful to everyone for being so wholehearted and unreserved in their support and rallying to limit the damage of relegation for the club.
"As I've stated previously, we have been working on broad financial re-structuring for several months now to adjust to the realities of life outside the Premier League.
"To do this it was important that we acted early and decisively. Fundamental to this has been agreeing a strategy that we can deliver.
"We have to make a considerable financial adjustment, but we will be strong enough to do that."