Back to the Burnley Clarets Newsfeed

Burnley takeover: ALK Capital completes deal by buying 84% controlling stake

American investment group ALK Capital has completed its takeover of Burnley, buying an 84% stake in the Premier League club.

ALK managing director Alan Pace has replaced Mike Garlick as chairman.

However, Garlick - who sold his near 50% stake in the club - and fellow former shareholder John Banaszkiewicz will remain at Turf Moor as directors.

"This marks a new era for Burnley as we become stewards of this historic football club," said Pace.

The United States-based businessman said his aim was to "build on the impressive work" that Garlick and manager Sean Dyche have done to make Burnley a "financially stable, established Premier League club that is a cornerstone of the local community".