Burnley's chief executive James Holroyd has resigned after only one year in the role, a move linked to a difficult working relationship with owner Alan Pace. The departure comes as the club faces mounting financial scrutiny and a dismal start to the Championship season, sitting 24th with just three points from seven games. A US-based advisor to the club has pointed to numerous 'red flags' surrounding Pace and his company's management of the Clarets.

Holroyd, who previously spent 14 years at Adidas and another 14 at Manchester United, joined Burnley in July last year. His exit is understood to be connected to issues in his dealings with Pace, the chairman of ALK Capital which owns the club through its Velocity Sports Partners arm. Neither the club nor ALK Capital responded to requests for comment on the situation.

The advisor's warning points to a series of concerning financial moves. Burnley's most recent accounts showed debts exceeding £142 million, a stark contrast to the club's historic pride in being debt-free. To fund last season's transfer activity, the club took out short-term payday loans. In January 2025, it entered into a £40 million factoring agreement with Fasanara Capital, a deal set to close in January 2027. The club is also owed £80 million by its owners, according to the advisor's assessment.

“There are so many red flags for Pace and Velocity,” the US-based advisor said. While the club is not in immediate danger of administration, the combination of high debt, complex financing, and leadership instability has alarmed supporters. The situation was exacerbated on the eve of this season when shirt sponsor Finotive One was dropped, forcing a costly recall of all replica kits.

The off-field turbulence coincides with a dire run of form. Burnley have failed to win any of their last five matches, a sequence of two draws and three defeats. Their most recent outing was a 3-1 loss away to Swansea City, where Largie Ramazani scored a consolation goal. The team has conceded 16 goals while scoring only eight, leaving them rooted to the foot of the table with a minus-eight goal difference. The club's current tally of three points from seven games means they are averaging just 0.43 points per game, a rate that would yield only 20 points over a full season.

Managerial plans are further complicated by injuries to key players. Ashley Barnes, Bashir Humphreys, Dastan Satpaev, and Jaydon Banel are all currently sidelined, limiting options for the key clash ahead. The immediate focus turns to trying to arrest the slide this Friday when Burnley host 22nd-placed Derby County at Turf Moor. A full list of available players is on the club's squad page.

The club must also prepare for the future, with the window to apply for a provisional operating licence for the 2026-27 season opening in November. The sale of Zian Flemming to Ipswich Town for £20 million on deadline day provided some cash inflow, but the long-term financial picture remains deeply uncertain. Fans, who have grown increasingly critical of Pace's stewardship, now fear the club could be on a path reminiscent of Bury's collapse, though such an outcome is not considered imminent. The next chapter for Burnley begins under a cloud, with the next fixtures offering the only chance for redemption on the pitch.

Background and full detail: The i Paper