Burnley FC to sell grounds to offset debts

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According to a report on the Championship club’s website, the club’s home ground, Turf Moor and training ground will be sold Longside Properties. The company will in turn grant a 99-year lease to the club.

Club chairman Barry Kilby will hold a 51 percent interest in Longside, with fellow club director John Sullilvan holding the remaining 49 percent. The deal was made for an estimated GBP 3 million and will help the club offset debts. However, it will also leave the club without a major source of collateral for future loans.

The idea was first presented in November 2004 when the notices went out to shareholders regarding the club’s Annual General Meeting. A motion to allow the sale was included in the agenda and the motion was passed, but a deal has been delayed until now for a variety of reasons.

The rental cost that Burnley will pay to Longside has been estimated at around GBP 375,000 per year.