Burnley's takeover by American company ALK Capital complete

The deal, which has been approved and ratified by the Premier League, sees ALK Capital’s sports investment arm, Velocity Sports Partners, acquire an 84 per cent shareholding in the club.

The firm’s managing partner Alan Pace will succeed Mike Garlick as club chairman.

Throughout their history the Clarets have been run by local businessmen and Burnley fans.

That is why ALK have felt it important to retain outgoing chairman Garlick and his former co-chairman John Banaszkiewicz as directors on a new board, to enable a smooth transition.

And new chairman Pace described it as the start of an exciting new journey.

“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,” he said.

“With a rich heritage, a brilliant academy, and a passionate fan base, this club has solid foundations to build upon.

“This is the start of an exciting journey for the entire Clarets family.”

And Garlick, who was chairman for eight years, securing the appointment of manager Dyche and going on to oversee two promotions to the Premier League, European football, and the development of the multi-million pound Barnfield Training Centre development, views the takeover as a significant step for the club.

“This investment represents a natural progression for Burnley Football Club,” he said.

“In Alan Pace and his team, we are welcoming committed investors to Turf Moor who will be living here in the local community and investing in the club, both on and off the football pitch, for many years to come.

“My tenure as chairman has always been about ensuring Burnley is a sustainable football club, and this investment provides a long-term plan to maintain that philosophy, whilst driving evolution and innovation."