Burnley Football Club today reports a £7.6m loss for the financial year ending June 2013.
The accounts show a sharp reversal from the £3.16m profit achieved in 2012, which was largely achieved by the club record sale of Jay Rodriguez to Southampton.
However, the latest figures released by the club do not take into account the summer sale of fellow striker Charlie Austin to Queens Park Rangers.
In a joint-statement to shareholders, Joint chairmen 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.”
The latest accounts show a 34% decline in revenues compared with 2011/12, although commercial revenues held up relatively well in the year and other operating charges were reduced.
The vast majority of the decline in turnover from £23m to £15.2m is a direct result of a reduction of £7.4m in the FA Premier League parachute payment.
The current year, 2013/14, will be the final year in which the club receives Premier League parachute payments and, as such, there is a need to continue to reduce the cost base to match projected revenues.
• The restructuring of the football club earlier this year means there is no longer a requirement for the parent company, Burnley FC Holdings Ltd, to hold an Annual General meeting.
However, an informal meeting of shareholders only will be held in the James Hargreaves Stand at Turf Moor on Thursday, December 5, 2013.
The invitation letter to shareholders only, plus the Directors’ report and financial statements to June 30, 2013, can be found and downloaded at the official website at www.burnleyfc.com