Championship: Burnley set to reveal big losses
Burnley co-chairman Mike Garlick has revealed the club expect to have annual losses of £8m for the previous season.
Last Updated: 19/08/13 1:32pm
Garlick used his programme notes prior to the 2-0 win over Yeovil on Saturday to tell supporters that the Clarets "continue to operate with large losses" despite investment of over £10million during the last three seasons.
The coffers at Turf Moor were substantially boosted by the sale of prized-asset Charlie Austin to QPR at the start of the month, though, and Garlick is confident Burnley can break even this season.
"For the 2012/13 season our losses will be around £8million, so obviously we need somehow to bridge this gap," wrote Garlick, who claimed the club would welcome fresh investment.
"Some can be bridged by funding from the board and some by player sales; hence the sale of Charlie Austin.
"During the last three seasons, co-chairman John Banaszkiewicz and myself have invested over £10million into the club.
"This is over double any previous investments made by any individual in the club's history and I am happy to say I have never had a penny of my investment back."
Garlick added: "I think it is important to be honest with the fans and always be straight with them.
"The (£8million) loss is for last season, so that is the first thing to say. But that's the bad news.
"There is some good news, though. Because of all the work put in over the last seven to eight months by co-chairman John Banaszkiewicz, myself, all the other directors and the manager, this current season we are forecasting to break even. Going forward, that means we will be compliant with the financial fair play rules.
"The loss is behind us and we are moving forwards and doing the right things. We have cut the wage bill from last season and looked at all the costs and we're on the right track."