BURNLEY have recorded a loss of £456,762 on the last financial year.

And the deficit was incurred, despite a substantial increase in revenue from season ticket sales and receipts from League matches.

The club also enjoyed a good run in the FA Cup.

But chairman Frank Teasdale, in his annual report to shareholders, explained that the loss was not unexpected as the Turf Moor club had continued to invest in the playing staff during the financial year which ended on May 31, 1997.

The year saw a significant increase in the number of staff employed by the club and, subsequently, the wage bill spiralled from £1,314,653 the previous year to £1,675,083 in 1996-97.

In all, management and playing staff rose from 38 to 50. Burnley enjoyed significant increases in revenue from season ticket sales and memberships which brought in £850,735 last season, more than £200,000 up on the previous year.

And League match receipts and distributions from the various bodies topped £1 million at £1,073,252 compared with just £741,791 in 1996-97.

Mr Teasdale is optimistic about the playing future of the club in his report, saying he believes the management team of Chris Waddle and Glenn Roeder is capable of leading Burnley back to its former glory.

The chairman adds: "Last season the club had a respectable season, eventually finishing in ninth position after being around the play-off zone for much of the season."

The implications of the Bosman ruling are also mentioned by Mr Teasdale.

They will come into full effect next July, as far as the domestic game is concerned and could have far-reaching consequences for many clubs.

A major tribute is also paid to Albert Maddox, who retired recently after giving a half century of service at Turf Moor, commending him for his "sterling work"

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