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Burnley announce heavy losses

Sky Bet Championship leaders Burnley have announced annual losses of £7.6million for the last financial year.

Last Updated: 21/11/13 at 11:43 Post Comment

Turf Moor: Big losses for Burnley

Turf Moor: Big losses for Burnley

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The Clarets had made a £3.1million profit 12 months earlier, which was mainly down to the club-record sale of recent England call-up Jay Rodriguez to Southampton.

Since then, though, the parachute payments which the club were given when they were relegated from the top flight in 2010 have decreased by £7.4million.

This season is the final year in which the club will receive parachute payments but the sale of Charlie Austin to QPR this summer will be factored into the next set of accounts due out in 12 months' time.

In a joint statement, Burnley's co-chairman Mike Garlick and John Banaszkiewicz said: "Running a football club is a challenging business and our learning curve has been steep, during which we have sought to maintain an open dialogue and communicate clearly with the club's stakeholders.

"We have successfully managed to restructure the club and buy back Turf Moor and the Gawthorpe training ground. This innovative scheme, which raised the required finances from fans and directors, was well received as a means of returning those assets to our control and saving us money in the long term.

"On the pitch, Sean Dyche's approach has seen an improvement in our defensive record and his excellent work ethic will help us build towards the future."

The forthcoming Financial Fair Play regulations dictate Burnley can post losses of up to £8million this financial year but any further losses could result in a fine or transfer embargo.

The club's net debt is currently at £15.4million, up from £6.2million last year, but is still dwarfed by the figures of neighbours and Sky Bet Championship rivals Blackburn, who recently announced their net debt at £54.5million.

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