US management firm, ALK Capital have completed a takeover deal which sees them become Burnley Football Club’s new owners.
Velocity Sports Partners (VSP) which forms the sports investment section of ALK Capital have acquired majority shareholding in the Clarets, now holding a 84% stake in the club after the deal was completed late on the evening of Wednesday 30 December 2020, with full approval and ratification from the Premier League.
ALK Capital have confirmed that former shareholders, Mike Garlick and John Banaszkiewicz will both remain involved at Turf Moor, having accepted roles as directors and will work in partnership with new club Chairman, Alan Pace who replaces Garlick in the role to ensure a smooth transition of ownership.
Pace who is Managing Partner of ALK Capital has spoken of this takeover marking a new era for the club, saying; “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 have done to make it a financially stable, established Premier League club that is a cornerstone of the local community.”
Speaking on future plans, Pace iterated that Burnley does have “solid foundations” which can be developed on with the 53 year-old speaking of opportunity for progress, saying; “… with a sustainable growth plan centred on advancing the club, its academy and Burnley’s commercial footprint, whilst upholding the club’s core values and identity.”
Outgoing Chairman, Garlick described the announcement as “a natural progression” for the club and called for fans to back “committed investors” in Pace and ALK Capital who will invest in the club both on and off the pitch.
Garlick also spoke of his ambition as chairman of being “… about ensuring Burnley is a sustainable football club…” and believes that ALK Capital’s investment provides a long-term plan to maintain his philosophy whilst evolving and innovating the club.
Burnley begin life under ALK Capital ownership sat 16th in the Premier League and will kick off 2021 at Turf Moor on Sunday 3 January, as they take on relegation rivals, Fulham.
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