ALK Capital Investment Group has completed its takeover of Premier League football club Burnley, it has been confirmed.
The deal, reported to be worth in the region of £170 million, was announced by the “clarets” last week.
According to the Burnley board, Velocity Sports Partners (VSP), the sports investment arm of US management firm ALK Capital, acquired an 84 per cent stake in the club, making it the sixth American majority-controlled club in England’s first division.
The club also confirmed that ALK Capital managing partner Alan Pace would replace Mike Garlick – who sold his near 50 per cent stake in the club – as Burnley chairman, but Mr Garlick and fellow former shareholder John Banaszkiewicz would remain as directors.
Commenting on the deal, Mr Garlick said the investment represents a “natural progression for Burnley Football Club”.
“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.”
Incoming Burnley chairman and former Real Salt Lake chief executive, Mr 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.”
Burnley have recently risen to 16th place in the Premier League after an encouraging run of form.
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