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.
American company ALK Capital has completed its takeover of Burnley, acquiring a controlling 84 per cent stake in the Premier League club.
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. Continue reading