Burnley have officially announced that Velocity Sports Partners, the sports arms of US management firm ALK Capital have completed a takeover of the club.
The takeover sees them acquire an 84% stake in the club with former shareholders, Mike Garlick and John Banaszkiewicz working in partnership as directors with new chairman Alan Pace.
ALK Capital Completes Takeover of Burnley
Director Mike Garlick Has Say
The outgoing chairman, and now director of the club, Mike Garlick said following the news: “This 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.
“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.”
Alan Pace, the incoming chairman and managing partner of ALK also had his say after the completion of the takeover, 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 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. This is the start of an exciting journey for the entire Clarets family.”
The news of the takeover will be a welcomed gift heading into the new year for Burnley and Sean Dyche, who may finally see significant investment made at the club in both the January and summer transfer windows.
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