Despite this alarming news, Burnley have been on a steady increase in finances and have emerged as one of the leagues best ran clubs over the past few years.
So how have they done it?
The start of the clubs financial growth came when Sean Dyche won the Championship and got the club promoted in the 2015/2016 season. At this time they had a net loss of £3,993 million pounds as the club spent money to focus on getting out of the league.
However, after a successful promotion campaign the club reaped the rewards as at the end of the football year (June 30 2017) the club revenue was £121.17m. After tax and out going expenses the net profit of the club at the end of the 2016/2017 season was £22.13m.
The next season the club rose the profit levels again. The 2017/18 season saw Dyche give Burnley their best ever Premier League finish and a European qualification spot when they finished 7th and as of the 30th June 2018, Burnley's turnover increased to £139m and profit went from £22m to £37m largely due to the prize money from the league.
Chairman Mike Garlick holds a majority shareholder stake of 49.24%. Board member John Banaszkiewicz owns 28.2%. The other five members of the board hold, between them, a total of 16.36%. Despite being seen as a small club The Clarets as of 2019–20, are debt-free.
Every director at the club is locally born, a Claret supporter and receives no wages. This allows the club to free up money that their league counterparts would be spending to pay their board members.
In comparison, The Guardian stated that Crystal Palace's highest paid board member as of 2017/18 was on £1.6mill. This shows just how beneficial it is having fans of the club running the business side of the club.
How it affects on the pitch performance
In football people say you reap what you so, well The Clarets have done just that. The club have finally established themselves as a top flight club despite being favourites for relegation every season.
The stability off the pitch allows Dyche to build a stable outfit on the pitch. Burnley are known by other fans for having no stand out superstars but good quality all over the pitch that individually are cogs in a machine that works well.
Being able to invest in the youth academy as well as spend more in the transfer market helped Dyche get the players he needed to finish in a European spot.
Although Burnley aren't the richest club and can not splash the cash like many of English footballs big clubs, they do not need to. The Clarets are on a steady increase in terms of size and financial structure, being ran by fans of the club who want nothing but the best for Burnley.