Burnley's promotion to the Premier League has been achieved against a difficult financial background. Relegation forced owners ALK Capital to repay a significant portion of a £65m loan taking out when buying the club in December 2020, effectively wiping out a £42m parachute payment. About £70m was raised from player sales, of which about £30m was reinvested in 16 players.
Lingering doubts among supporters about ALK's leveraged buyout in 2020 resurfaced when Burnley were placed under a transfer embargo for failing to submit their accounts on time, but the club blamed it on a change of auditors. Given performances on the pitch, most supporters are prepared to give the US owners the benefit of the doubt.
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