'It's a big story to watch' - Keith Wyness: Burnley 'spiralling' towards 'disaster'

Former Everton CEO Keith Wyness warns Burnley face financial and sporting crisis, with owner Alan Pace searching for ways to reduce £86m debt as poor performances deter investors.

Keith Wyness, former Everton chief executive, has warned that Burnley are in genuine danger of spiralling into financial and sporting disaster. The club, owned by Alan Pace's Velocity Capital, currently carry around £86 million in debt despite recently having their striking-off order discontinued.

Wyness told Football Insider that Pace is desperately searching for ways to free up money to tackle the debt, but the team's poor on-pitch performances are not inspiring investors to provide financial support. Burnley, relegated from the Premier League last season, are already sitting in the Championship's relegation zone after 14 games, having sacked manager Nicky Hayen with Fabio Celestini now in charge.

Wyness believes relegation to League One would represent the "ultimate disaster" for the historic club, further damaging their reputation and adding to their financial burden. He also suggested that Pace should consider selling Espanyol, which he also owns, to improve cash flow at Burnley, describing the La Liga acquisition as "incongruous" and unhelpful in addressing Turf Moor's ongoing issues.