Burnley chief executive James Holroyd resigned as chief executive just a year into his role due to issues in his working relationship with American owner Alan Pace, sources have told The i Paper.
Pace has gained a reputation for micromanagement within the club, who are currently bottom of the Championship after being relegated from the Premier League last season.
Holroyd was at Adidas for 14 years and Manchester United for another 14 before moving to Turf Moor in July last year. His decision, which has not yet been confirmed by the club, will not have been taken lightly.
Burnley supporters have become increasingly critical of Pace and his stewardship.
With debts spiralling out of control and no explanation for why sponsorship deals are vanishing into thin air, Holroyd’s hasty exit could not have come at a worse time.
First of all, Burnley are not in any immediate danger of going bust. Debts topped £142m in their last set of accounts, which also show refinancing has taken place to repay large amounts of these liabilities.
But under the new Independent Football Regulator, the window to apply for a provisional operating licence for the 2026-27 season opens in November. Without the provisional licence, clubs will not be able to operate.
Key to that process, where EFL clubs have to also prove their financial sustainability, is the Owners, Directors and Senior Executives (ODSE) framework. This makes it mandatory for teams to show their working club structure, where the chief executive is usually the head honcho.
Holroyd’s exit may be unfortunate timing or, as some sources believe, is tied to the upcoming increased scrutiny on the top end of the club’s hierarchy.
“There are so many red flags when it comes to Pace and Velocity [the sports investment arm of ALK Capital, Burnley’s owners],” one US-based advisor, who has worked with numerous Premier League clubs, tells The i Paper.
“For a start, in three years of trading, we are yet to see any accounts from Velocity.
“The way they bought Burnley as a leveraged buyout is well documented, but how does that work with their current debts? Burnley, the club, are effectively owed £80m by its owners, and yet the club are paying high interest loans off to refinance. There are so many questions we have zero answers for.”
All of this comes after shirt sponsor Finotive One was dropped on the eve of the new season. All replica shirts had to be recalled and replaced with a new company on the front. No explanation was given as to why, but it is understood the company that brands itself as a “trading ecosystem” failed to meet its contractual payments.
To pay for much of last season’s transfers, Burnley took on what are effectively payday loans, adding to worries over finances.
Burnley entered into a £40m factoring agreement with London-based Fasanara Capital in January 2025. This means that a proportion of incoming transfer fee instalments goes to them rather than the club. This factoring loan is thought to close in January 2027.
The panic sale of last season’s top goalscorer Zian Flemming to Ipswich Town on deadline day sparked further concerns. Why, in this era of inflated transfer fees, was a proven Premier League goalscorer allowed to leave for £20m, without being properly replaced?
Just how desperate for cash are Burnley? That remains the burning question on many Lancashire lips.
Holroyd has been removed from Burnley’s governance section on the club’s website and is understood to have stepped down last week, but we await confirmation.
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Burnley used to pride themselves on being debt free and in charge of their own destiny. Supporters are now disheartened, confused and, more pertinently, very concerned. Bury’s sorry tale happened just 20 miles away, Macclesfield’s dissolution not much further afield.
Burnley are not there yet, but a growing number of fans fear that under Pace’s leadership, they are heading that way.
The club and ALK Capital did not respond to requests for comment over Holroyd’s departure or Burnley’s financial issues.
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