American investment group ALK Capital has completed its takeover of Burnley, buying an 84% stake in the Premier League club.
ALK managing director Alan Pace has replaced Mike Garlick as chairman.
However, Garlick – who sold his near 50% stake in the club – and fellow former shareholder John Banaszkiewicz will remain at Turf Moor as directors.
“This marks a new era for Burnley as we become stewards of this historic football club,” said Pace.
The United States-based businessman said his aim was to “build on the impressive work” that Garlick and manager Sean Dyche have done to make Burnley a “financially stable, established Premier League club that is a cornerstone of the local community”.
Pace, 53, added: “With a rich heritage, a brilliant academy and a passionate fanbase, this club has solid foundations to build upon. This is the start of an exciting journey for the entire Clarets family.”
ALK has already stated its intention to help Dyche bolster his squad in next month’s transfer window.
The Clarets have been weakened since last summer because of a combination of releasing out-of-contract players and not replacing them.
They are 16th in the Premier League, five points above the relegation zone, and host 18th-placed Fulham in a key match on Sunday.
Dyche has been in charge since October 2012 and took the Clarets up to the Premier League for the 2014-15 season, only to be relegated back to the Championship.
However, they immediately returned after winning the 2015-16 Championship and this is their fifth consecutive season in the top flight, a period that has included a seventh-place finish in 2017-18.
“This investment represents a natural progression for Burnley,” said Garlick, who took over as sole chairman in 2015 after Banaszkiewicz stepped down from their dual role.
“In Alan Pace and his team, we are welcoming committed investors to Turf Moor who will be living here in the local community and investing in the club, both on and off the football pitch, for many years to come.
“My tenure as chairman has always been about ensuring Burnley is a sustainable football club and this investment provides a long-term plan to maintain that philosophy, while driving evolution and innovation.”