BRENDAN Flood is set to become Burnley’s majority shareholder, the Lancashire Telegraph understands.

Flood, the operational director, is in the process of buying shares from chairman Barry Kilby.

However it will not signal any boardroom changes at this stage.

Kilby’s shares as of the last annual general meeting stood at 30 per cent, closely followed by Flood (24 per cent).

It is understood that while the balance of power would shift, Kilby would still retain the title of chairman over the five-strong board of directors.

Although the club declined to make a comment on Flood’s purchase of shares, in a brief statement a club spokesman said: “Barry Kilby is still the chairman and there are no boardroom changes.”

The Clarets’ board was reduced to five members following the resignation of Chris Duckwork, Martin Hobbs, John Sullivan and John Turkington, in November last year, while Ray Ingleby stepped down last August after being declared bankrupt.

Nelson-born businessman John Banaszkiewicz was ratified at December’s Annual General Meeting following his appointment the previous month, with rest of the new-look board being made up of Mike Garlick and long-serving director Clive Holt.

Kilby, who founded the Europrint Group – the world's largest supplier of media games – first joined Burnley's board of directors in October 1998 and was voted chairman at the AGM two months later.

He became the club’s largest single shareholder in January 1999 in a 2-1 rights issue, investing £3million into the club.

Former bank worker Flood became the club’s major investor and operational director in 2007.

The Rossendale-born businessman launched his own company, Modus Properties, in 1991, which went on to become a market leader in urban regeneration.

Following his appointment as operational director in 2007, Flood was asked if he had ambitions on succeeding Kilby as chairman.

“That would be the obvious assumption,” he said at the time.

“The truth is, if I was the chairman now, it would be one more duty too many for me.

“Barry’s done a great job and I enjoy having him in that role.

“I’m more of a hands-on kind of guy, doing what I do, getting stuck into the details and making things happen.”

In the interview in 2007, Flood said he and Kilby were ‘a good balance’.

“I can learn from him at the moment in some areas of football chairmanship”, he added.

“At some stage in the future, in five or 10 years, Barry might say he’s had enough and if I’m free as a bird to do the job, then I’ll probably be willing to do it.

“But at the moment, I’ve no burning desire to be the man in charge. It’s definitely a double act, him and I.

“I cannot afford entirely to abandon my own business.

"In real terms, that makes me wealthier which then probably improves the potential of my investment in Burnley.”