Premier League formally approves club takeover – New era for Burnley but what about Newcastle United?
The Premier League have given their approval to ALK Capital becoming the new owners of Burnley.
The American company formally completing their takeover of the Premier League club, acquiring a controlling 84 per cent stake.
The new owners confirmed the news in a statement released late on Wednesday night.
Delaware-based ALK say that managing partner Alan Pace would take over as chairman from Mike Garlick.
However, Garlick and fellow former shareholder John Banaszkiewicz will remain at Turf Moor as directors.
Previous reports have put the price tag of the takeover at Burnley as £200m.
Exciting times for Burnley fans but Newcastle United supporters no doubt looking at the news and wondering when they will be released from the misery of Mike Ashley’s ownership.
For almost twelve and a half years now, Mike Ashley has claimed he has been trying to sell Newcastle United. Though until the Saudis came along and offered well over the market price, most Newcastle fans very sceptical as to whether Ashley was genuinely trying to sell the club.
Definitely a rabbit off when whilst Mike Ashley has been ‘trying’ to sell the club, the vast majority of other major English clubs have changed hands, some of them two or more times in these past 12+ years.
Maybe 2021 will be our year, before we move into a 15th (FIFTEEN!) season under Mike Ashley.
If the Saudi deal can’t be resurrected, then there are still no excuses for Mike Ashley not selling NUFC. Other investors may not be willing to pay the over the top price the Saudis were, but there will be plenty who would be willing to pay the market price that the club is worth, so if 2021 doesn’t see a change of ownership at St James Park, it will be purely down to Mike Ashley not willing to take a fair price.
BBC Sport reporting the news:
“This marks a new era for Burnley as we become stewards of this historic football club,” said Pace.
The United States-based businessman said his aim was to “build on the impressive work” that Garlick and manager Sean Dyche have done to make Burnley a “financially stable, established Premier League club that is a cornerstone of the local community”.
Pace, 53, added: “With a rich heritage, a brilliant academy and a passionate fanbase, this club has solid foundations to build upon. This is the start of an exciting journey for the entire Clarets family.”
ALK has already stated its intention to help Dyche bolster his squad in next month’s transfer window.
The Clarets have been weakened since last summer because of a combination of releasing out-of-contract players and not replacing them.
They are 16th in the Premier League, five points above the relegation zone, and host 18th-placed Fulham in a key match on Sunday.
Dyche has been in charge since October 2012 and took the Clarets up to the Premier League for the 2014-15 season, only to be relegated back to the Championship.
However, they immediately returned 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 finish in 2017-18.
“This investment represents a natural progression for Burnley,” said Garlick, who took over as sole chairman in 2015 after Banaszkiewicz stepped down from their dual role.
“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, while driving evolution and innovation.”
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