Championship Leaders Burnley Announce £7.6m Losses

English Championship leaders Burnley have recorded big losses of £7.6m ($12.21m) for the last financial year.

The previous year saw the Clarets net a £3.1m ($4.98m) profit, although that time period included the club record sale of Jay Rodriguez.

This season is the final year the former Premier League club receives parachute payments and since being relegated in 2010 their payments have decreased by £7.4m ($11.89m).

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.”

Financial Fair Play (FFP) rules that are coming in allow clubs to make a loss of up to £8m ($12.85m) this financial year.

Burnley’s net debt is currently at £15.4m ($24.75m).