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Burnley announce £3.7m loss for year ending June 2016

Burnley manager Sean Dyche lifts the Sky Bet Championship trophy during the civic reception at the Town Hall in Burnley.
Image: Burnley celebrate winning the 2015/16 Championship

Burnley have posted a loss of £3.7m for the financial year ending June 2016.

The figure compares with a £30.1m profit for the preceding 12 months and reflects the club's return to the Championship for the 2015/16 season.

Burnley are now back in the Premier League, and the £3.7m loss was made after promotion bonuses worth £11.3m were paid at the end of last season.

Club chairman Mike Garlick's statement to shareholders read: "Financially we managed to strike a balance between risk and reward.

"Our turnover for the year reduced from £79m to £40m; reflecting the change in TV revenue from the Premier League to the Championship, whilst still under parachute payments.

"We are in a stronger position to be more competitive this time out in the Premier League. During and following our relegation in 2014/15 we spent over £20m on payback of directors' loans, payback of external loans, payback of ground 'Buy Back Bond' and payment for development of the Barnfield academy.

"This time around we have a clean slate to work with and aim to give Sean and his team the best possible chance of finally consolidating our place in the world's most competitive and exciting league."

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