Burnley FC announce a record Â£30m profit
Clarets chairman Mike Garlick feels Burnley are 'a role model of how to run a club in the modern era' after announcing a Â£30.14m net profit for the financial year - more than doubling the club's previous record.
Only Tottenham Hotspur and Manchester United could top those figures, as the club’s second season in the Premier League has left it in rude health, with a turnover of £78.77m.
That is an increase of £59.14m on 2013/14, when the club reported a £7.6m loss.
And the figure does not include the sale of striker Danny Ings to Liverpool, with a compensation fee still to be decided at a tribunal.
The Clarets’ previous record net profit was £14.4m from their first season in the Premier League in 2009/10.
Burnley have paid in full all directors’ and external loans, as well as committing in excess of £10m to redeveloping the Gawthorpe training ground, on top of stadium improvements at Turf Moor.
In a statement to shareholders, Mr 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.”
Mr Garlick added: “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, 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.
“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 £10m, in order to bring us in line with other clubs in both the Championship and Premier League and help to attract the best possible playing talent to the club, whatever their age group.
“Most of the development work will be completed by early 2017, and was long overdue, but lack of funds always previously prevented us from completing these projects.
“If you add all that up, the combined cost of eliminating all debt, plus the new developments is approximately £20m pounds.”
The restructuring of the football club three years ago means there is no longer a requirement for the parent company, Burnley FC Holdings Ltd, to hold an Annual General Meeting.