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A Flood Of Money Despite A £3.75 Million Loss?

A Flood Of Money Despite A £3.75 Million Loss?

Chairman Barry Kilby said in August he was expecting the club to announce a loss of £3.75m for the latest financial year. But against that backdrop, would Clarets fans get their wish and see Eddie Howe given enough funds for improving the quality of the squad in the January transfer window coming up?

Well there were some encouraging noises today from Operational Director, Brendan Flood suggesting that money would be released for Eddie to improve the squad.

Speaking to the Lancashire Telegraph he said:

"We will support him in every way we can.

"The brief he operates to is if he presents a case for a new player that represents good value and an opportunity for the club and the team to become better then we try to support him.

"I think in the main we have done that when he has presented a case."

The problem is though that despite earning millions following promotion to the Premier League and then receiving two years of parachute payments since relegation, Burnley still embarked on reducing the wage bill during the summer as well as then being forced to sell key members of the squad; a squad that achieved an 8th place finish last season. This was also a squad that we were told at the start of the summer break just needed to be supplemented by 2-3 additional players and all would be well. Chris Eagles, Tyrone Mears and Danny Fox though then all departed and the club were also unsuccessful (some would say not ambitious enough) in trying to sign Jack Cork. Cork of course was then snapped up by Southampton, the current Championship league leaders whilst the Clarets are struggling in 18th place just five points off the relegation zone.

At the start of the pre-season everybody at the club seemed optimistic despite some Clarets fans doubts. There was lots of positivity emanating from the club but the reality was that we finished up with a squad that we were suddenly told was 'in transition` with Eddie Howe rebuilding for the future. That certainly seemed a far cry from the spin emanating from the club at the start of the summer when we just needed these two extra players or so to supplement the squad and go for promotion.

"The message to fans is that we`ve got to be ambitious but we have got to be realistic, Flood told the LT but at one point do you believe anything the club says anymore having been led to believe at the end of last season that finishing 8th was a failure and that we would only need 2-3 additional players to improve our fortunes and be ready for a strong promotion push in 2011-12? Not quite worked out like that has it?

Maybe I dreamt it, but I am sure i was told after reaching the Premier League that our future would now be secure for the next ten years and yet if we are still operating at a loss to the tune of £3.75 million based on the last financial year something clearly does not add up especially since we now have a squad stripped bare in terms of both the quality and quantity needed to get promotion. That promotion too has to be sooner rather than later with the FIFA Fair Play and EPPP rulings waiting just around the corner.

Many Clarets fans have the feeling that the club has lost its way, that it is almost rudderless with strong hints that Barry Kilby may be close to retirement although that has been strenuously denied by the club.

Some Clarets fans too will be cynical concerning Flood`s comments believing that yes, the funds will be released but only after selling Jay Rodriguez and maybe others in January.

We shall of course just have to see how things pan out but you just wonder if we are still hovering around the relegation zone come Christmas whether the true reality will dawn on the Board that something has to be done and done quickly.

"It`s a well-used term about betting the ranch, but if success lasts one season you could have 10 years of trouble and we don`t want that, said Flood.

Could someone tell me what the difference would be if by not investing in our Championship survival or indeed promotion chances we got relegated to League One with falling gates and reduced revenue streams? Would not this complacency on behalf of the Board and its short-sightedness also potentially lead to ten years of trouble? Would not a more forward thinking risk-taking approach whilst we had the chance in the Premier League and indeed last season and this season in the Championship have avoided the problems we now face? The jury is still very much out but at least Brendan Flood is making the right noises providing that this time as the jargon goes he walks the walk!

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Date:Monday November 14 2011
Time: 7:12PM


Read the comments too below the LT article-
14/11/2011 19:23:00
Mr. Flood - Blah Blah. Zzzzzzzzz.
14/11/2011 20:09:00
Burnley and wage bill? Makes you think that in the good old days players didn't leave Burnley for better wages and thats why we were great as we could compete. Since Jimmy Hill gave players control we as a club have struggled with income against outgoings.
15/11/2011 08:15:00
The picture of Flood at the top of the article always reminds me of that saying would you buy a car off this man, and the answer would be NO. Could be a nice bloke and probably is but he’s a businessman and looks after himself. I would like to know where the money has gone this season, 1: this season half of the big earners have gone or been sold, 2: with average gates of 12,000 plus 16 mil Prem money why have we one of the smallest squads in the Championship and no money. In my view it looks like Kilby want out for some reason, things don’t add up to me and I cannot wait for the price of the new season tickets and the new slogan. It’s time to start afresh a clear out at board level I know it’s easier said than done, but instead of the fans voicing their anger at the manager and players let’s give the Board some ***** instead.
15/11/2011 09:53:00
Greetings TMP! We meet again on the financial playing field! I offer a suggestion to one concern raised in your (as ever) well-argued (if not necessarily convincing) piece, when you said: "Maybe I dreamt it, but I am sure i was told after reaching the Premier League that our future would now be secure for the next ten years and yet if we are still operating at a loss to the tune of £3.75 million based on the last financial year something clearly does not add up especially since we now have a squad stripped bare in terms of both the quality and quantity needed to get promotion." Isn't he referring to the accounts that are currently being closed for last season when talking about the £3.75 million loss, i.e. before the squad being stripped bare? This is what the LT says: "Chairman Barry Kilby said in August he expected the club to post a loss of £3.75m in the latest financial year." I also have to confess to an anxiety that no matter how much detail is provided on where the money went, some will keep asking! :-) RT gave the answer that in my view sums it up best: "Look in the players' car park!" Various what-if scenarios from various critical points in history can always be revisited, and will doubtless keep us all talking and posting for decades ahead. But it seems that the club has taken the steps to address last year's loss, so as to provide the security it had said was possible. Or are some people interpreting 'secure' as meaning 'in the PL'? I would also suggest that the club is fairly obviously in far better financial health than if we had lost at Wembley, and that the analysis of whether that promotion has achieved greater security needs to consider not where we were in that year of getting spanked by the rich and famous... but where we would have been if we had lost, which most seemed to suggest at the time would have been in a very tight financial spot and with many of the Wembley heroes gone by the start of the next year! Obviously I am deliberately offering a counter argument. But I don't see as much of a gap as you in terms of what has been said and what has been done.
Couch Potato
15/11/2011 11:38:00
Don't you think though we have been slightly misled? They must have known what our finances were like at the end of last season but decided to put out the spin that things were rosy when they wanted us all to buy 'Early Bird' season tickets. There is one hell of gap between just needing 2-3 players for a promotion push to being a squad in transition! It was also pretty obvious too that Eagles, Mears etc were likely to shoot off and yet it seemed to come as a surprise to the club with no contingency planning in place to replace them
15/11/2011 12:33:00
How can a thread bare squad of youngsters be earning more than a full squad of experienced players? I can't seem to get me head round that one.
15/11/2011 18:47:00
They aren't 8c8. Not sure why you think they are?
Couch Potato
15/11/2011 18:51:00
I read it, trying to remember where now...I will see if I can track it down, it was on the lines of our promoted squad was on less money than our current squad.
15/11/2011 19:05:00
Quote Flood: Now we are spending about £12million on wages. For the playing squad in the promotion season, that was about £9m, so we are investing more than we were the last time around.
15/11/2011 19:26:00
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