BURNLEY Football Club suffered record losses of £11.7m. for their last financial year, but chairman Barry Kilby has revealed that promotion to the Premier League should more than compensate for the alarming deficit.
The startling figure was inflated by bonuses paid to staff on achieving promotion to the Premier League and the chairman is confident that better financial times lie ahead for the Clarets.
The figure was revealed in the club's annual accounts for the period ended June 30th, 2009. The club's wage bill went up from 9.76m in 2008 to 13.42m.
Mr Kilby said: "The increase in turnover from being in the Premier League should more than compensate for the losses incurred over the past few years and I expect to report a significant profit for the financial year to bring our balance sheet back into a healthy position."
The Clarets turnover shot up from 8.57m. to a staggering 11.192m with major growth coming from match income and television rights which rose from just under 5m to 7.3m. However, catering sales dropped by 200,000 during the 12-month period. Another growth area came from shop sales, rising from 824,000 to 1.12m.
DON'T MISS TUESDAY'S BURNLEY EXPRESS FOR A DETAILED REPORT ON THE ANNUAL ACCOUNTS