American investment company ALK Capital have finally completed their takeover of Burnley in a deal which is thought to be worth close to £200m.
Talks over a potential takeover had been ongoing for over 14 months, but the COVID-19 outbreak forced both sides to slow down their negotiations while they monitored the financial impact of the situation.
However, things started to accelerate again earlier in December, and it has now been confirmed that the sports investment arm of ALK Capital, Velocity Sports Partners, have acquired an 84% shareholding in the club.
Former chairman Mike Garlick will be replaced by Alan Pace, but ALK Capital confirmed in a statement (via Sky Sports News) that Garlick and former shareholder John Banaszkiewicz will retain spots in the boardroom to ease the transition.
"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.
"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."
Pace added: "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, 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."
It is expected that one of the group's first orders of business will be to arrange a meeting with Dyche to discuss their plans for the January transfer window, in which the boss is expected to be backed financially.
In August 2020, ALK invested in two London-based technology firms which are heavily involved in data analysis and predicting player progression, AiScout and Player LENS, which could see Burnley follow the likes of Brentford and Midtjylland in becoming a data-driven club.
Source : 90min