Championship Side Burnley Announces £7.6M In Losses Over Last Financial Year

Championship side Burnley announced annual losses of £7.6M "for the last financial year," according to SKY SPORTS. Burnley made a £3.1M profit over the previous 12 months, "which was mainly down to the club-record sale of recent England call-up Jay Rodriguez to Southampton." Since then, the parachute payments which the club were given when they were relegated from the top flight in '10 "have decreased" by £7.4M. This season "is the final year in which the club will receive parachute payments," but the sale of Charlie Austin to QPR this summer "will be factored into the next set of accounts due out in 12 months' time." The "forthcoming Financial Fair Play regulations dictate Burnley can post losses" of up to £8M ($12.9M) this financial year but "any further losses could result in a fine or transfer embargo" (SKY SPORTS, 11/14).