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US investors complete takeover of Premier League side Burnley
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US investment group ALK Capital has completed its takeover of Burnley, acquiring a controlling 84 percent stake in the Premier League club, it was announced on Thursday.
Delaware-based ALK, which specialises in investments in the sport and media sectors, said its managing partner Alan Pace would take over from Mike Garlick as chairman.
Pace, the former president of Major League Soccer’s Real Salt Lake, said the move marked “the start of an exciting journey for the entire Clarets family”.
“With a rich heritage, a brilliant academy, and a passionate fan base, this club has solid foundations to build upon,” he said in a statement on the club’s website.
Burnley announce takeover by ALK Capital 31 Dec 2020
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Burnley have announced a club takeover after Velocity Sports Partners (VSP), the sports investment arm of US management firm ALK Capital, secured a majority shareholding.
VSP now have a controlling 84 per cent stake in the club, with the deal approved and ratified by the Premier League, and ALK s managing partner Alan Pace has become the new club chairman.
Former shareholders Mike Garlick and John Banaszkiewicz are staying at Turf Moor as directors.
Pace on Burnley takeover 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, Pace told the club s official website.