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".