US based company ALK Capital has completed its takeover of Premier League club Burnley.
ALK Capital, who currently reside in Delaware, have acquired an 84% stake in the Clarets, costing around £200m, according to TalkSPORT.
ALK Capital managing partner Alan Pace is set to replace Mike Garlick as chairman of Burnley. However, Garlick will stay at Turf Moor as part of the club’s board, as confirmed in a statement by the company.
“Garlick, alongside former shareholder John Banaszkiewicz, will remain on ALK Capital’s new board of directors at Burnley, ensuring a smooth transition to new ownership and providing valuable knowledge from his eight-year tenure as club chairman,” the statement read, as quoted by the Guardian.