Date: 30th March 2017 at 12:19pm
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Burnley have confirmed a net loss of £3.7m on the year to June 2016, which compares to record £30.1m profits on figures from the previous season.

Put into context though the bid to fund the Championship promotion push resulting in an instant return to the Premier League has been credited for these losses with the Burnley turnover reducing by almost 50% following the relegation from the topflight.

However, the Clarets’ stance has meant we’ve been left in a ‘stronger position’ to be competitive in the Premier League upon the return to the highest level this season.

A statement issued by chairman Mike Garlick on the Official Website read.

‘ Financially we managed to strike a balance between risk and reward. The loss for the season of £3.7 million was made after paying bonuses for promotion to players and playing staff of £11.3 million. Our turnover for the year reduced from £79 million to £40 million; reflecting the change in TV revenue from the Premier League, to the Championship, whilst still under parachute payments. We are in a stronger position to be more competitive this time out in the Premier League.’

The club also pointed to the fact £20m was spend on payback of directors’ loans, payback of external loans, payback of ground ‘Buy Back Bond’ and payment for development of the Barnfield academy following the 2014-15 relegation season.

Garlick went on to say.

‘As you are all aware, the new Premier League TV rights deal will become effective from seasons 2016/17, meaning that one season in the Premier League would give £95 million in TV revenue for the club finishing bottom of the table. In comparison, this is a 50% increase from £67 million in the previous year.’

Adding.

‘Clearly, with such large sums at stake we were not the only club willing to spend money to achieve promotion and as the season commenced we were one of a large handful of clubs chasing the big prize, which made it highly competitive and entertaining. In the end, it turned into a three-horse race in which there could only be two winners; thankfully one of them was us.’

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