American company ALK Capital has finalised its takeover of Burnley FC, acquiring an 84% share of the club.
The deal was announced, approved and ratified by the Premier league on Thursday night.
ALK announced that managing partner, Alan Pace, would take over as Burnley chairman from Mike Garlick.
They said in a statement: “Garlick, alongside former shareholder John Banaszkiewicz will remain on ALK Capital’s new board of directors at Burnley, ensuring a smooth transition to new ownership and providing valuable knowledge from his eight-year tenure as club chairman.
“This successful period has seen two promotions to the Premier League, development of the Barnfield Training Centre, and European football at Turf Moor for the first time in half a century.”
Garlick commented that the deal represented “natural progression” for Burnley.
He continued: “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 field, 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.”
Who are ALK Capital and Alan Pace?
ALK Capital are a Delaware-based company who specialise in the Media and Sport sectors.
Pace, is the former CEO of Major League Soccer (MLS) side, Real Salt Lake.
One of the first things ALK are expected to is meet with Dyche, primarily to discuss the January transfer window.
Burnley currently sit 16th in the league. They lost players in the Summer and struggled to replace them, due to the economic repercussions of the Covid-19 pandemic.