Although the football world is struggling with the effects of the COVID-19 pandemic. The Premier League teams are expected to divulge their financial reports to the public. Burnley FC has reported a surplus for its previous financial year. Will the Premier League club survive the financial strain of the current pandemic?
In their newly released financial reports, the accounts for Burnley FC Holdings Ltd show a surplus of £4.3m (£5m pre-tax). The surplus was due to Sean Dyche’s men maintaining their position in England’s topflight league.
Once Burnley secured their Premier League position there were a need to invest in coaches, backroom staff, and players. Chairman Mike Garlick stated in his report that the investment would pay off in the future.
“We are confident that this increased investment will slowly but surely develop our ability to identify and sign players that can improve our first-team squad, whilst at the same time helping to maintain our financial sustainability as a club for generations to come.”
Before the Premier League was abandoned the Clarets were enjoying their fourth season in the topflight. They look comfortable enough to secure their fifth. After 11 wins, 12 defeats and six draws Burnley sit exactly halfway on the table in 10th position with 39 points.
Newly appointed CEO, Neil Hart also began his new position at the Clarets just before the league was halted.
Hart is positive that Burnley will make strides in becoming a global brand. His focus will be to source outside investment from multi-national corporations to boost Burnley’s commercial value.
The COVID-19 pandemic has halted Hart’s work as the club reported a possible £50 million shortfall if the season is not finished. In a statement released on their website, the club highlighted their concerns,
“The Clarets face missing out cash payments from the Premier League of up to £45 million in broadcasting revenue and other items if the season is not finished.”
This has not deterred Hart from his goal of growing Burnley commercially. The CEO is excited to get the conversation started once business returns to normal.
The Clarets have correctly gone about their business, they have not utilised the government’s job retention scheme. They are paying all their casual matchday and non-matchday staff in full. Also, the club has supported the Burnley council and community by helping the foodbanks in the Burnley area.
There is hope on the horizon for Burnley. Hart at the forefront of inciting progression off the field and Dyche orchestrating the on-field success. If they can survive the pandemic there is surely a bright future ahead for the Turf Moor based club.