The three influxes of money helped reduce the debt, and heavy interest repayments.

The club's debt now stands at £62.9m, more than half what it was in 2024-25.

But remember, Burnley had been debt free before the takeover.

There was further improvement, too.

Bank loans have reduced from £105m to £70.1m.

Burnley had also, in recent seasons, mortgaged off future transfer instalments for a one-off payment from the bank, called 'debt factoring'.

Previously at £37m, they reduced it to £16.1m.

This all looks good, but is still reliant on the payment from Everton. If the Toffees do win their appeal, the picture looks very different.

Added to that, £24.2m of the bank loans is due for repayment in January, with another £21.6m falling next August.

The club is in "negotiations to refinance and increase these facilities", but the accounts note that if an agreement is not reached the owners will require "additional finance to repay the amounts due".

What about next season? It will be a season in the Championship, with much lower revenues and no one-off payment from Everton.

The 2026-27 accounts will include player sales of around £38m and parachute payments of £48m.

On the face of it, the numbers look very encouraging for Burnley.

But the accounts laid out that a number of events, including "the outcome of the ongoing compensation ruling appeal", could continue to "cast significant doubt" on the club as a going concern.

Maguire added: "A more forensic look suggests that the underlying issues at Burnley still exist.

"Given that they were in receipt of Premier League broadcast revenues and the benefits of being in the top division, that does suggest that the club faces ongoing challenges.⁠​⁠‍⁠"