BURNLEY will announce a record trading loss of almost £1 million at their AGM on December 16.

And the club accounts reveal that the overall loss on the financial year ending May, 1999 was nearer £1.8 million.

The Clarets are losing money on general trading and in the 12-month period covered, spent over £1 million on transfers and increased the wage bill dramatically.

That money was spent to stave off relegation and lay the foundations for a promotion challenge which is now unfolding.

And chairman Barry Kilby, who has put £3 million into the club since coming on board just over a year ago, confirmed that the strategy will continue to be pursued.

He said: "We are putting investment on the pitch to get our short-term goal of promotion to Division One.

"That's our primary aim to ensure the future financial well-being and stability of the club.

"We are making strides on the income side and investing on the playing side as well, which is showing through."

Reflecting the rise in wages, the chairman added: "Not many teams which get out of this division will have a players' wage-bill of less than £2 million."

Walsall proved the exception last season, but Kilby insisted: "We can't stand around waiting to get lucky."

Manager Stan Ternent's transfer kitty has currently run dry but plans are under way to bring in a seven-figure sum to allow him to bolster his squad for the second half of the season.

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