American firm ALK Capital is set to complete its takeover of Burnley in the next 48 hours; earlier this month a consortium led by Egyptian businessman Mohamed El Kashashy pulled out of talks to buy the Lancashire club
Tuesday 29 December 2020 16:16, UK
The protracted sale of Burnley to American investors ALK Capital has been agreed in principle and is set to be completed in the next 48 hours.
It had been hoped that more than six months of negotiations would have concluded in time to announce the deal before Tuesday's home match against Sheffield United.
However, several last-minute hitches have delayed the announcement.
It was hoped that ALK's managing director Alan Pace would attend Turf Moor on Tuesday to watch Burnley's crucial match against United, the club he came close to buying less than two years ago.
Instead, the takeover is set to be announced in the coming days, with Pace having reportedly passed the Premier League's Owners' and Directors' Test.
The imminent takeover, which is set to be announced before the January transfer window opens, is positive news for Burnley manager Sean Dyche, who has been without significant investment in his squad for several windows.
Earlier this month a consortium led by Egyptian businessman Mohamed El Kashashy pulled out of talks to buy Burnley.
The consortium had been in negotiations with Burnley chairman Mike Garlick for 14 months and a £200m deal appeared close to completion in October.
However, El Kashashy ended the interest in the Lancashire club in December, following a period of six weeks with no contact between the two parties.