SAN FRANCISCO, December 31, (THEWILL) – After a protracted takeover process, the American investment group, ALK Capital LLC, which specialises in investments in the sport and media sectors, has bought a controlling 84 per cent stake of Burnley Football Club to take ownership of the English Premier League (EPL) club.
The group’s managing director, Alan Pace therefore replaces Mike Garlick as chairman at Turf Moor after becoming the majority shareholder.
At the completion and approval of the deal by the Premier League, ALK made it official in a statement on Thursday night which read, in part:
“Garlick, alongside former shareholder John Banaszkiewicz, will remain on ALK Capital’s new board of directors at Burnley, ensuring a smooth transition to new ownership and providing valuable knowledge from his eight-year tenure as club chairman.
“This successful period has seen two promotions to the Premier League, development of the Barnfield Training Centre, and European football at Turf Moor for the first time in more than half a century.”
The new chairman Pace, added: “This marks a new era for Burnley as we become stewards of this historic football club.
“With a rich heritage, a brilliant academy and a passionate fanbase, this club has solid foundations to build upon. This is the start of an exciting journey for the entire Clarets family.”
In the new structure at the club, former chairman Garlick and Banaszkiewicz will remain as directors at Turf Moor.
A priority in the list of tasks facing the new owners will be helping team coach Sean Dyche in the January transfer window, which opens this Friday. Dyche will relish the fact that they have already shown their intent to give him every support he needs to bolster the team for the challenges ahead.
Presently, the Clarets occupy 16th spot in the EPL which leaves them five points clear of the relegation zone. This good news of the final change of ownership, approval by the League, promise of cash inflow and upbeat mood in the club should spur them to victory in their next clash against 18th-placed Fulham this weekend.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
