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CLARETS' ACCOUNTS REVEAL REDUCED LOSS
Reduced losses at Turf Moor.
Burnley have reduced their losses by around £2.5m in the last year, according to the Championship club's latest annual accounts.
The club revealed a loss of £1.8m as opposed to £4.3m the year before. Loans from directors and the sale of key players cut the losses dramatically, but an increase in wages by almost £2.4m have made a major dent in the club's finances.
In his statement to shareholders, club chairman Barry Kilby was positive about the future of the club.
"Last season saw us finish in 13th place in the Championship, continuing our upwards trend of recent seasons," said Kilby. "This was achieved following the upheaval of changing the manager in mid-season following a disappointing start of the 2007/08 campaign, and it has been particularly pleasing for everyone to see Owen Coyle step in and make a positive impact.
"Although turnover increased, so did costs - notably staff wages - producing an operating loss of £6.7m. This was mitigated, however, by the profit on player sales to the tune of over £5m, bringing those losses to manageable proportions.
"We continue to be a football club with no external debts, with losses covered by further directors' loans."
