Burnley chalk up £30m profit during time in Premier League
Friday 1 April 2016 11:00, UK
Burnley made a profit of £30.14m during their Premier League season.
The figure, for the financial year ending June 2015, is in stark contrast to the £7.6m loss the Clarets reported in the previous season in which they won promotion from the Championship.
The figure does not include the sale of Danny Ings to Liverpool, for which a compensation fee is yet to be determined.
In a statement to shareholders, chairman Mike Garlick said: "I'm sure you will all agree that the 2014/15 season was one where we showed great spirit and commitment, both on and off the pitch, and despite our eventual relegation, as a club, we gained a great deal of respect and admiration throughout the football world.
"A net profit of £30.1m is not only the biggest recorded by the club, but also one of the highest in the Premier League as a whole. In times of boom and bust for many clubs in the world of football we continue to be regarded by many as a role model of how to run a club in the modern era."
Despite the profit, Burnley do not have cash to burn in the transfer market this summer as they have used the money to pay off all their debts.
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Garlick added: "It is worth noting that although these financial figures indicate we now have a large sum of money in the bank, this isn't the case.
"Decisions were taken early in the season to clear all the clubs external and internal debts, as people will remember that last time we were promoted we did have around £10m of debt, both in terms of external creditors and directors.
"They have been paid off, as have the Turf Moor Bond holders and, of course, the ground buy-back."
