Burnley in advanced talks with US consortium about takeover
An American sports investment company is in advanced talks with Burnley about a takeover of the Turf Moor club. ALK Capital is close to striking a deal to take majority control of the Premier League club.
The company is headed by Alan Pace, a former president of Major League Soccer franchise Real Salt Lake, who has previously tried to buy Sheffield United.
Mike Garlick, the Burnley chairman, is the club’s majority shareholder with a 49.24 per cent stake and John Banaszkiewicz has a 28.2 per cent shareholding.
It remains to be seen if ALK Capital secures Garlick and Banaszkiewicz’s entire shareholding, but Burnley’s prospective new owners want to take a hands-on role in the way the club is run.
Pace was managing director of now-defunct US bank Lehman Brothers for 12 years until 2006 and later joined Citigroup, where he worked in various senior roles.
He set up ALK Capital with US businessman Dave Checketts in October last year, around the time it was interested in buying Sheffield
United. Checketts was owner of Real Salt Lake and president of the NBA basketball franchises, Utah Jazz and New York Knicks. He is understood to be working as an adviser on ALK Capital’s bid.
A spokesperson for ALK Capital said: “ALK Capital is aware of media speculation linking it with a potential investment in a Premier League club. ALK Capital is unable to provide any comment at this time.”
The Daily Telegraph reported last week that an American consortium was in talks about buying Burnley at a time of growing friction between Garlick and manager Sean Dyche.
Dyche has spoken of his frustration at Burnley’s struggles to strengthen their squad and failure to agree new contracts for players.
It remains to be seen if ALK is able to complete a takeover before the transfer window closes on Oct 5. Last night, after the 2-0 win at Millwall in the Carabao Cup, Dyche confirmed the club were “almost there” in their bid to sign Brighton midfielder Dale Stephens for £1million. Burnley are also weighing up a bid for Liverpool’s Harry Wilson.
Frustration: Manager Sean Dyche has clashed with Burnley chairman Mike Garlick over signing new players