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The American company ALK Capital has completed the acquisition of Burnley from the Premier League.
ALK Capital, which currently resides in Delaware, has acquired an 84% stake in the Clarets, at a cost of around £ 200 million, according to TalkSPORT.
ALK Capital Managing Partner Alan Pace will replace Mike Garlick as President of Burnley. However, Garlick will remain at Turf Moor as part of the club’s board of directors, the company confirmed in a statement.
Garlick, along with former shareholder John Banaszkiewicz, will remain on ALK Capital’s new board of directors at Burnley, ensuring a smooth transition to a new owner and providing valuable insights from his eight years as club president, ”the statement read, quoted by the Guardian.
During Garlick’s time as president of Burnley, the Clarets have achieved relative success, playing six seasons of Premier League football, in addition to reaching the Europa League playoffs in 2018.
Garlick has assured fans that the acquisition was completed with the best interests of the club in mind.
“This investment represents a natural progression for Burnley Football Club. My mandate 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, ”he said, through the club official Twitter bill.
In August, Garlick had an estimated net worth of around £ 62 million, the lowest of any homeowner in the Premier League. The next lowest was Sheffield United’s Prince Abdullah bin Musa’ed, believed to be worth more than three times as much as Garlick.
The acquisition should see an increase in manager Sean Dyche’s transfer budget. In the last two transfer windows, Burnley has spent less than £ 10 million, bringing in just Josh Brownhill, Dale Stephens and Will Norris. The ALK Capital acquisition comes just in time for the January transfer window.
Dyche’s squad currently contains only four players from outside the UK and Ireland, which are Chris Wood, Johann Berg Gudmundsson, Erik Pieters and Matej Vydra. The acquisition is likely to introduce a broader exploration network for the Lancashire side. ALK Capital recently invested in two London-based soccer data analytics companies: AiScout and Player LENS.