It's hoped Paolo di Canio will change the fortunes of Sunderland, or improve the situation, for Sunderland

句子整体框架结构：It is hoped that A will change the fortunes of C, or improve B for C.“人们希望A将会改变C的命运或者改善C的处境”(备注：个人观点认为最后一个介词for 最好改为介词of, 即 improve the situation of Sunderland(改善桑德兰的处境), 与前面保持对称 change the fortunes of Sunderland(改变桑德兰的命运)

It 【形式主语】//is hoped 【谓语】that Paolo di Canio(宾语从句主语) //will change(宾语从句谓语动词) //the fortunes of (Sunderland省略)(宾语从句宾语)//, or(并列连词) //improve//(并列谓语动词)/ the situation(并列宾语), for Sunderland(状语)【主语真正主语 “主语从句充当”】

参考译文：人们希望保罗·迪卡尼奥将会改变桑德兰的命运，或者改善其处境 。