Burnley set for £200 million takeover by American group, Premier League approval likely

Burnley could soon have new owners as the Premier League outfit are in the process of a £200 million takeover deal according to reports. American sports investment company ALK Capital and Egyptian businessman Mohamed El Kashashy as well as sports lawyer Chris Farnell have been competing for the takeover for the past few months, but the American company is reportedly in pole position to become the new owner of the Clarets. The takeover could happen as soon as next week as Burnley would hope that the new ownership settles in ahead of the crucial January transfer window.

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Burnley takeover: ALK Capital in pole position to finalise £200million deal

According to reports from The Daily Mail, Burnley are preparing for new ownership and the players and staff at the club have been advised of the same. ALK Capital, fronted by the former president of MLS club Real Salt Lake, Alan Pace have been deemed as favourites for the £200 million deal and are likely to receive a Premier League approval to complete their deal. Kashashy and Farnell had appeared to be the frontrunners to purchase Burnley after signing a sale and purchase agreement, along with providing proof of funds. However, they are yet to hear back from their Premier League owners’ and directors’ test. The process was further delayed by a fresh bid from ALK Capital.

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The takeover will be a breath of fresh air for Burnley and their supporters with Sean Dyche likely to get much-needed backing in the January transfer market. The Clarets have struggled this season and are in the relegation zone, with just one win in 11 Premier League games this season. Burnley did not make any moves in the summer transfer market and saw Jeff Hendrick leave on a free, which saw their squad stretched massively in what already is a physically and mentally challenging season. It has also been suggested that Clarets chairman Mike Garlick could remain at the club in the short term in a bid to ease the takeover process.

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Burnley will face off against Arsenal in the Premier League on Sunday, hoping to arrest their slide as soon as possible. The Clarets registered an impressive 1-1 draw against Everton and will hope to build on that performance and clinch the three points at the Emirates. The Gunners have struggled themselves this season, and are 15th in the Premier League standings, eight points off fourth place Leicester City.

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(Image Courtesy: Burnley Instagram)