Burnley Expected to Announce £8m Losses
August 19, 2013
Championship football club Burnley are expected to reveal annual losses of around £8m ($12.5m) for the 2012-13 season.
Co-chairman Mike Garlick revealed in his programme notes ahead of the 2-0 victory over Yeovil that the club ‘continue to operate with large losses,’ despite over £10m ($15.7m) being invested in the club during the past three seasons.
Garlick wrote: “For the 2012/13 season our losses will be around £8million, so obviously we need somehow to bridge this gap.
“Some can be bridged by funding from the board and some by player sales; hence the sale of Charlie Austin (Austin moved to QPR at the start of the month).
“During the last three seasons, co-chairman John Banaszkiewicz and myself have invested over £10million into the club.
“This is over double any previous investments made by any individual in the club’s history and I am happy to say I have never had a penny of my investment back.”
Despite the bad news, Garlick did say that the club expected to break even over the current season.
“Because of all the work put in over the last seven to eight months by co-chairman John Banaszkiewicz, myself, all the other directors and the manager, this current season we are forecasting to break even,” said Garlick.
“Going forward, that means we will be compliant with the financial fair play rules.”