Burnley: American company completes the takeover of Premier League club

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American sports investment company ALK Capital LLC has completed the takeover of Premier League club Burnley during the week. The company now controls 84 percent of the club’s shares.

ALK Capital LLC has been in talks with the former owners of the club and other stakeholders in the Premier League for months. Earlier in December, the news broke that the American company was ready to buy Burnley for ยฃ200 million and that the company was closing in on the deal.

Earlier today, December 31, 2020, it was confirmed that the American company has sealed the deal and it now controls the fate of the Premier League club. The company would now control the club using Alan Pace who would take over from the outgoing chairman of the club Mike Garlick.

Alan Pace was a former chief executive officer of Major League Soccer (MLS) club Real Salt Lake.

New Chairman of Burnley, Alan Pace.
New Chairman of Burnley, Alan Pace.

ALK Capital LLC which specializes in investments in the sport and media sectors has announced that Garlick would remain a member of the company’s board of directors at Burnley alongside a former shareholder of the club John Banaszkiewicz. Before the new deal scaled through, Garlick has been running the club because he owned over 50 percent stake in the club.

Burnley: American company takes over Premier League club
Burnley players before a league game.

Under the reign of Garlick, Burnley were relegated to the Championship and Garlick worked to ensure that the club gained promotion back to the Premier League twice.

“In Alan Pace and his team, we are welcoming committed investors to Turf Moor who will be living here in the local community and investing in the club, both on and off the football pitch, for many years to come,” Garlick said in a statement.

“My tenure as chairman has always been about ensuring Burnley is a sustainable football club, and this investment provides a long-term plan to maintain that philosophy, whilst driving evolution and innovation.”

While the new chairman of Burnley said: “Today marks a new era for Burnley as we become stewards of this historic football club and build on the impressive work that Mike Garlick, (manager) Sean Dyche and everyone at Burnley has done to make it a financially stable, established Premier League club that is a cornerstone of the local community.

“With a rich heritage, a brilliant academy, and a passionate fan base, this club has solid foundations to build upon.”

The takeover deal could be a great boost to the aspiration of Burnley to remain in the Premier League this season. The current manager of the club, Sean Dyche, might have a huge sum of money to sign new players during the January transfer window courtesy of the new deal.

Sean Dyche and his boys are currently sitting on the 16th spot on the league table with 16 points in 15 games. They have suffered 7 defeats, 4 draws and enjoyed 4 victories so far this season.