Premier League football club Sunderland have been relegated to the Championship after another miserable season. Its owner Short, 56, is cutting costs as the club tries to reduce £140m of debt. Short made his fortune with Lone Star, a Texas-based private equity firm run by fellow billionaire John Grayken (qv). In 2003 he bought Skibo Castle in Scotland for £23m. Through his London-based Kildare Partners private equity operation he has raised £3bn to invest in distressed property assets.