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Co-chairman insists Burnley will break even despite £8m loss
9:08am Monday 19th August 2013 in Football
CLARETS co-chairman Mike Garlick says Burnley is on course to break even – despite an £8million deficit.
Speaking after the publication of his programme notes, in which he reported the figure, Garlick explained the loss stems from last season’s figures, before the sale of Charlie Austin in the summer, and with the buy-back of Turf Moor and the Gawthorpe training ground factored in.
He insists that the club is already in better shape at present and says the financial situation expected to improve as the season progresses.
“The loss is for last season, it’s not where we are now,” said Garlick. “I think it’s important to be straight with the fans and be honest with them and tell them the way it is.
“The truth is for last season we did lose £8million.
“There is some good news though, because of all the work as a team, myself and John (Banaszkiewicz) and the other directors and the manager have put in during the last seven to eight months, since January 2013, the current season we’re in now we’re forecasting to actually break even.
“And going forward we will be compliant with the (financial) fairplay rules that come into force. So we’re looking at breaking even in this current season.
“The loss was £8m but it’s behind us, we’re moving forward, we’re doing the right things. It’s well publicised we’ve cut the wage bill from last season, so it’s lower than what it was.
“We’ve looked at other costs and we’re on track.
“I don’t think there are many clubs in the Championship who can claim they’re breaking even.
“I think 80-85 per cent of the clubs are currently running at a loss.
“That’s not to say in the future we’ll never make a loss again, but if we’re breaking even I think we’re on the right track.”
Garlick revealed the projection to break even was before the sale of Austin to QPR.
He said some money had been made available to manager Sean Dyche to strengthen the squad.
“We’ve made some extra budget available. We haven’t got a lot of extra money but there is some extra budget available and we’re looking to bring in new people. But they’ve got to be the right people to add to what we’ve got,” he said.
But after Saturday’s 2-0 home win over Yeovil Town, Dyche said the club had so far been unable to fulfil their aim of adding to attacking numbers, with just over a week of the transfer window remaining.
“We’ve got a thin squad, a small squad, although a squad that’s knit and they want to do well,” said Dyche.
“We know that we need reinforcements and we will do ongoing, and we’re still going regardless of results.
“Win, lose, draw you’re still looking to improve the bigger picture of the club and the only way to do that is build a squad that is capable.
“We’re still active but there are challenges which slow that down.”
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