Burnley Issue Accounts Showing 30 Million Profit
Burnley Football Club have today issued the annual account for the club, which show the Clarets made a record £30.1 million net profit during their Premier League season in the financial year ending June 2015.
The latest accounts show a turnover of £78.77m, a £59.14m increase compared with 2013/14, due to the club’s Premier League status. This includes a substantial rise in television rights, as well as increases in match income, catering sales, retail sales and other commercial activities.
The accounts currently don’t include the sale of Danny Ings to Liverpool, for which a compensation fee is yet to be determined by a tribunal, which is expected to bring in around another £10 million.
In a statement to shareholders, the club 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. 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.
It is worth noting that although these financial figures indicate that 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, which were around £10 million pound to both external creditors and directors.
We also committed to stadium improvements, such as the offices and new Clarets Store as well as redeveloping our training ground at a cost of around £10 million as well as buying back Turf Moor. If you add all that up, the combined cost of eliminating all debt at the club, plus the new developments is approximately £20 million pounds.”
