Burnley offer to buy shares from supporters

Following the takeover, ALK managing director Alan Pace was appointed Burnley chairman.
Alan Pace, Burnley chairman, says club owners must be held accountable. However, many fans don't care about how much money is spent on new players until something goes wrong.

Pace explained the details behind Pace's offer to purchase 6% of Clarets remaining shareholding through a partial payment, part-club credit facility.

American investment group ALK Capital bought an 84% stake at the Premier League club in December 2020.

Local rivals Wigan have struggled through administration, while Derby, two-time league champions, are now in a similar position amid massive losses and spiralling debts.

This has strengthened the need for an independent regulator. It seems certain that one will emerge from the fan-led Government review, which is being presided over by Tracey Crouch, former Sports Minister.

Pace is unsure if this outcome will work for the game.

He said, "I don't think we always think through everything we do."

"Accountability and accountability go hand in hand. Even when there is a review, it's about what you want for football and how you want ownership to be.

"Rather than saying, "This is what we're going to do," take the time to think it through.

"I strongly believe that if you are given the opportunity to succeed, you will have to fulfill your promises. It's not a toy, and it's not a plaything. It must be there when you're done.

"But I don’t believe everyone feels that way. Fans expect it because they only care about what you spend and then get mad when someone overspends.

Think about your children. Would you be angry if they said they should spend as much money as possible to have a great vacation, but then they returned home saying they didn't have enough money to buy food?

"You told them to go on a wonderful vacation, and they borrowed the money from their credit cards to pay it."

"A sense of fairness"

Pace said that fans were not required to sell shares. According to Pace, the initial soundings and social-media posts indicated that there was an interest in selling shares that was greater than 50%.

ALK was criticized for not offering a share to all shareholders at the time of the takeover, instead of just former chairman Mike Garlick or director John Banaszkiewicz who owned the majority.

Later, it was confirmed that ALK had borrowed money from Michael Dell's MSD company (one of the largest creditors at Derby) to complete the deal.

Pace claims that funds will be raised from existing capital to finance this purchase.

He said that there would be an opportunity for shares to be sold after the 21-day deadline. However, ALK would not participate in this mechanism.

Pace said, "It won’t be us doing it." "It will be between the shareholders or other buyers.

"There is no guarantee, and there is no intention on our part to buy more shares. This is fair and just.

"It is extremely important to have stability"

Burnley, who are now four points behind the Hornets with only three draws from seven Premier League games, became the first Premier League managerial casualty in the week Watford.

Sean Dyche, the longest-serving manager of a top-flight team, signed a four year extension last month.

Surprisingly, Dyche was the first manager to be fired by Watford's Italian owners. The Hornets had 12 managers during Dyche's time at Turf Moor, including Claudio Ranieri as their new boss.

Pace stated, "It's super important to have stability."

It is a double-edged weapon. Stability is a great tool for planning. However, everyone must be held accountable for their performance. We can all lose our jobs if we don't perform as expected.