Burnley have announced a club takeover after Velocity Sports Partners (VSP), the sports investment arm of US management firm ALK Capital, secured a majority shareholding.
VSP now have a controlling 84 per cent stake in the club, with the deal approved and ratified by the Premier League, and ALK's managing partner Alan Pace has become the new club chairman.
Former shareholders Mike Garlick and John Banaszkiewicz are staying at Turf Moor as directors.
Pace on Burnley takeover
"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," Pace told the club's official website.
"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."
Former chairman Garlick added: "This investment represents a natural progression for Burnley Football Club.
"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."
