US investment firm ALK Capital has finally finalized its buyout of Burnley in a deal expected to be worth nearly £ 200million.
Talks about a possible takeover had been underway for more than 14 months, but the COVID-19 outbreak has forced both sides to slow down their negotiations while monitoring the financial impact of the situation.
US firm ALK Capital has finalized its buyout of Burnley, acquiring a majority stake of 84% in the Premier League club.
– Sky Sports News (@SkySportsNews) December 31, 2020
However, things started to pick up again earlier in December and it has now been confirmed that ALK Capital’s sports investment arm, Velocity Sports Partners, has acquired an 84% stake 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 seats in the boardroom to ease the transition.
“Together with Alan Pace and his team, we welcome committed investors to Turf Moor who will live here in the local community and invest in the club, on and off the football field, for many years to come,” Garlick said.
“My mandate as chairman has always been to make Burnley a sustainable football club, and this investment provides a long-term plan to maintain that philosophy, while spurring 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 awesome work Mike Garlick, Sean Dyche and everyone at Burnley have done to make it happen. making them a financially stable 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 a solid foundation to build on.”
One of the group’s first orders is expected to be to arrange a meeting with Dyche to discuss their plans for the January transfer window, in which the boss is expected to be financially supported.
In August 2020, ALK invested in two London-based tech companies that are heavily involved in data analytics and player progression forecasting, AiScout and Player LENS, which could see Burnley follow Brentford and Midtjylland in becoming a data-driven club.
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