Newcastle United’s rivals issue stark warning about £50m shortfall

And one club, facing a £50million shortfall, has warned that it could “run out of money by August”.

The Premier League, which is looking at wage cuts and deferrals to keep costs down, is suspended indefinitely as the Government attempts to bring the epidemic in this country under control. Newcastle United have furloughed non-playing staff.

Burnley, which spends what it earns, is regarded as one of the best-run clubs in the division.

However, chairman Mike Garlick, one of the least wealthy top-flight owners with an estimated fortune of £50million, has issued a stark warning as the country starts a third week of lockdown.

“The fact of the matter is, if we don’t finish the season and there isn’t a clear start date for next season, we, as a club, will run out of money by August,” said Garlick. “That’s a fact.

“I can’t speak for other clubs – I don’t know their financial positions. All I can speak for us our club and our position. That’s why we’re very determined that when of course it’s safe to do so, we really want to finish this season.”

The Premier League voted to finish the season to minimise the economic impact on clubs.

Garlick told Sky Sports News, added: “We voted unanimously to finish the season. It’s crystal clear that finishing the season is by far the best outcome for all the Premier League clubs.”

Burnley will lose £45million in broadcasting money and £5million in matchday income if the season can’t be completed. Newcastle’s liability will be even greater given the club’s higher matchday revenues.

A statement from the club read: “Burnley are set to lose around £5million in lost revenue from the remaining home games which in the event that the season finishes would be unlikely to be recouped owing to the likely prospect of these fixtures being played behind closed doors.

“In addition, the Clarets face missing out cash payments from the Premier League of up to £45million in broadcasting revenue and other items if the season is not finished.

“It’s believed that other clubs could be looking at up to a £100million shortfall.”