Premier League outfit Burnley were in high spirits as they defeated defending champions Liverpool recently. Pace has expressed some impatience with questions suggesting that this method of financing a takeover, including with the club’s cash, is not normal, and has compared ALK’s purchase to taking out a mortgage on a house. Search. Also Read | Jurgen Klopp dejected as Premier League winners Liverpool suffer upset loss to Burnley. Burnley - Alk Capital Buys Burnley With Aggressive Debt Structure Sportico Com / Females access football through burnley fc women. VISIT THE SHOP Live Standings. By. The details of the £6.8 billion acquisition of the supermarket chain are complicated. Heady recent wins at Liverpool and Arsenal have helped keep Sean Dyche’s Burnley team eight points above the Premier League relegation zone, but at Turf Moor the air is still clearing over a £170m US takeover which has used the club’s own money and loaded it with debt. From the detail contained in Burnley's most recent set of accounts, to 30 June 2019, it is clear the club is well run. Using club assets as security for loans taken out to purchase that club has the potential to put a financially solid football club into a less secure position.”. Burnley were promoted to the Premier League under Sean Dyche in 2016 and have established themselves with a solid financial foundation. Burnley’s most recently published accounts, for the year to 30 June 2019, stated that it had no borrowings at all, and £42m in the bank. Founded 1882 Address Harry Potts Way BB10 4BX Burnley, Lancashire Country England Phone +44 (870) 443 1882 Fax +44 (1282) 700 014 E-mail info@burnleyfc.com By comparison, interest on their ordinary bank loan is just 1%. But he has not explained in detail the deal to buy the club from its long-term local owners and directors, led by outgoing chairman Mike Garlick, who owned 49.24% of the shares, and John Banaszkiewicz, who had 28.2%. Burnley’s most recently published accounts, for the year to 30 June 2019, stated that it had no borrowings at all, and £42m in the bank. This simply suggests that the club are now in a debt estimated at £90 million just for ALK to complete the Burnley takeover. View Burnley FC scores, fixtures and results for all competitions on the official website of the Premier League. The club’s cash was built up handsomely in the Premier League years since promotion in 2016, through careful husbandry by Garlick and his fellow owners. But the environment at Turf Moor has been nothing short of spelling trouble, with a financial crisis now hovering at the club. Pace, who heads the US consortium ALK Capital, however, maintains that he has a plan and wishes to invest new money to maintain financial sustainability. Burnley FC | Burnley Express News you can trust since 1877 Arsenal aston villa brighton & hove albion burnley chelsea crystal palace everton fulham leeds united leicester city liverpool manchester city turf moor. Profit before tax dropped from £5m to break-even, mainly due to COVID impact, including an additional month of expenses. Burnley FC in the Community staff, along with the help of Burnley FC staff and other volunteers, have been based at the Burnley Community Kitchen. The most recently available official data from Burnley, dating back to June 2019 suggests that the club had no borrowings with £42 million in the bank. In response to that and other questions about the financing of the takeover, a spokesperson for the club and its directors said: “ALK Capital reiterates that its financial approach is reasonable and sustainable. The deal is understood to value Burnley at more than £200m – presumably if certain circumstances are met including continued Premier League status – and will be completed with the payment of further instalments. Burnley debt estimated at £90 million. Asked about the Burnley takeover, and why it still approves such leveraged buyouts, the Premier League declined to comment. 3,841 were here. Football finance expert sheds light on Burnley takeover structure amid reports of huge debts. A Burnley perspective on news, sport, what's on, lifestyle and more, from your local paper the Burnley Express. The new owners of Burnley are committed to investing in this club, the team and facilities over the coming years. This was a reported deal worth upwards of $260 million, with an upfront payment of around half. 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