BURNLEY chairman Mike Garlick said the Clarets had managed to strike a balance between risk and reward as accounts showed a £3.7million loss for the 2015/16 season.

The club have released accounts for the year ending June 2016, which takes into account the Championship-winning campaign.

And although the headline figure is a loss of £3.7million, that comes after promotion bonuses totalling £11.3million had been paid to players and playing staff for achieving an immediate return to the Premier League.

The previous year's accounts showed Burnley had paid back directors and external loans as well as paying for the training ground redevelopment, and Garlick said that meant they were in a better position to cement their place in the Premier League this time around.

"Financially we managed to strike a balance between risk and reward," Garlick said of the latest accounts.

"Our turnover for the year reduced from £79 million to £40 million; reflecting the change in TV revenue from the Premier League, to the Championship, whilst still under parachute payments.

"We are in a stronger position to be more competitive this time out in the Premier League. This time around we have a clean slate to work with and aim to give Sean and his team the best possible chance of finally, consolidating our place in the world's most competitive and exciting league."

Garlick said maintaining the core of the Clarets squad ahead of the 2015/16 campaign had been key.

"Following our relegation from the Premier League in the season 2014/15 the board felt it was absolutely essential to retain the best of our existing squad whilst simultaneously investing in new playing talent, capable of enabling an immediate return to the top flight of English football," he said.

"The result of this strategy was that we broke the clubs transfer record in showing our determination to achieve our goal of an immediate return to the Premier League.

"As you are all aware, the new Premier League TV rights deal will become effective from seasons 2016/17, meaning that one season in the Premier League would give £95 million in TV revenue for the club finishing bottom of the table. In comparison, this is a 50 per cent increase from £67 million in the previous year.

“Clearly, with such large sums at stake we were not the only club willing to spend money to achieve promotion and as the season commenced we were one of a large handful of clubs chasing the big prize, which made it highly competitive and entertaining.

"In the end, it turned into a three-horse race in which there could only be two winners; thankfully one of them was us."

Garlick also paid tribute to boss Sean Dyche in making sure Burnley returned to the Premier League at the first time of asking.

"Re-motivating and re-energising a team that has just been relegated can be extremely difficult," he said.

"Statistically, only one in four teams makes it back the first time of asking to the Premier League.

"Couple that with the fact that the bookies made us one of the favourites for promotion (being 'favourite' is not a position we are used to!), and there was no doubt that 'the pressure was on.'

"Sean and his team responded magnificently to the challenge, and from start to finish it was clear there was only one goal - winning the Football League.

"Promotion was achieved as champions following a 23-match undefeated run, completing for the club a hat-trick of promotions to the Premier League through the play-offs, as runners up, and finally as champions - a feat yet to be achieved by any other club."