DEREK McInnes would readily admit he made a major error of judgement on the last occasion that he moved from Scotland to England to take up a managerial appointment six years ago.

McInnes joined Bristol City at a time when the Ashton Gate club was being forced to halve its wage bill after falling foul of stringent financial fair play regulations.

He managed to keep them up in the Championship during his first season despite the restrictions he was working under. But the following term the lack of funds meant his team struggled and he paid the inevitable price following a dire run of form.

Read more: Derek McInnes set to join Sunderland after official approach if £1m compensation deal with Aberdeen is agreed

Having successfully restored the considerable reputation which he had built up during his four years in charge of St. Johnstone at Aberdeen during the past four campaigns – he has helped them finish third in the Premiership three seasons running - another outfit down south has now come calling.

But would joining Sunderland be another catastrophic blunder on his part? The Stadium of Light club has debts in the region £160 million, among the highest of any in Europe, and has just been relegated from the Premier League to the Championship after a disastrous season.

The fact they have been through five full-time managers – Paolo Di Canio, Gus Poyet, Dick Advocaat, Sam Allardyce and Davie Moyes – in as many years should surely set alarm bells ringing?

So, too, should the fact that American owner Ellis Short looks poised to sell his controlling stake and is currently involved in negotiations with an unnamed German consortium.

The £30 million sale of first choice goalkeeper Jordan Pickford to Everton is far from ideal as well.

Remaining at Pittodrie and waiting for another opportunity to arise – at it surely will given how well he has done, in the 2016/17 season in particular, in the north-east – would seem to be a wiser career move for McInnes at first glance.

But Michael Gray, the former Sunderland left back who spent 12 years playing for his home town club, has dismissed concerns that the Scot may be making another grave mistake by agreeing to take on the Sunderland job.

Gray, who now works as a presenter for talkSPORT, is confident the Black Cats can recover and rise again if they bring in the right manager and recruit more sensibly than they have done in recent seasons.

Read more: Derek McInnes set to join Sunderland after official approach if £1m compensation deal with Aberdeen is agreed

“It’s not a job that Derek can take lightly if he is the man who Sunderland appoint,” said Gray, who spent a brief spell on loan at Celtic back in 2003.

“Big changes are needed at Sunderland, certainly on the football field. If he takes the job, he needs to go in, sort the current situation out and put his own twist on things. The club need a bit of stability. But if he gets it right he can do well.

“First and foremost, he has got to get into the club and have a look at the squad he’s got at his disposal. There are ambitions to bounce back into the Premier League. But is that realistic with the players he has? No.

“He needs to get the right blend of players and who really want to play for Sunderland. That’s what we’re looking for. I don’t think we have had that for some time. The club needs fresh, hungry, talented young players who go out every week and give everything they have got.

“Derek will need to bring in players. Hopefully he will get the backing of the owner and be able to bring in players. The club doesn’t need selling. It’s still a fantastic football club. They have a huge support every other week.”

Gray is also cautiously optimistic the financial situation at the Wearside club will be no barrier to McInnes enjoying success in the second tier of English football if he joins Sunderland. He envisages substantial funds will still be made available to him.

“Looking at the books, we have got £160 million of debt,” he said. “But we have been given this huge fund from the Premier League, a parachute payment that will eventually total £100 million.

Read more: Derek McInnes set to join Sunderland after official approach if £1m compensation deal with Aberdeen is agreed

“He won’t be given every single penny of it. I would imagine Derek would be given between £30 million and £40 million. What he has got will have to be used wisely.”

Stephen Goldsmith, a Sunderland supporter who runs the Wise Men Say podcast, revealed the prospect of McInnes coming in to succeed his countryman Moyes is being viewed positively by his fellow fans.

“They like the thought of McInnes coming in,” he said. “Garry Monk was their preferred choice. But once they started to do a bit of research into McInnes most Sunderland fans were encouraged.

Goldsmith also feels they will not have unreasonable expectations. “Fan apathy is at an all-time low,” he said. “I don’t think Sunderland fans expect the club to get promoted straight back to the top flight. They know there’s a big project. I think they would be happy if we can stabilise for a year.”