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American investment group ALK Capital has completed its acquisition of Burnley, buying an 84% stake in the Premier League club.
ALK Managing Director Alan Pace replaced Mike Garlick as President.
However, Garlick, who sold his close to 50% stake in the club, and 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 soccer club,” said Pace.
The US-based businessman said his goal was to “build on the impressive work” that Garlick and coach Sean Dyche have done to make Burnley an “established and financially stable Premier League club that is the cornerstone of the community. local”.
Pace, 53, added: “With a rich heritage, a brilliant academy and a passionate fan base, this club has a solid foundation to build on. This is the beginning of an exciting journey for the entire Clarets family.”
ALK has already stated its intention to help Dyche strengthen his squad in the transfer window next month.
The Clarets have weakened since last summer due to a combination of releasing off-contract players and not replacing them.
They are 16th in the Premier League, five points above the relegation zone, and will host 18th-ranked Fulham in a key game on Sunday.
Dyche has been in charge since October 2012 and led the Clarets to the Premier League for the 2014-15 season, only to be relegated again to the Championship.
However, they returned immediately after winning the 2015-16 Championship and this is their fifth consecutive season in the top flight, a period that has included a seventh place in 2017-18.
“This investment represents a natural progression for Burnley,” said Garlick, who took over as sole president in 2015 after Banaszkiewicz stepped down from his dual role.
“At Alan Pace and his team, we are welcoming committed investors to Turf Moor who will live here in the local community and invest in the club, both on and off the football field, for many years to come.
“My term as president has always been to ensure that Burnley is a sustainable football club and this investment provides a long-term plan to uphold that philosophy, while driving evolution and innovation.”
