Burnley chairman Alan Pace, Mike Garlick and John Banaskiewicz respond to 'late payments' claims

The Daily Mail have suggested that: "ALK Capital have renegotiated the payment schedule of their £170million takeover, with fees worth tens of millions owed to former owners Mike Garlick, John Banaszkiewicz and five other smaller shareholders that were due to be paid last year now deferred until April.

"Sources have revealed that payments have been delayed to give ALK time to secure more investment which has largely proved elusive since they agreed to buy 84 per cent of Burnley 12 months ago.

Another source pointed out that the revised schedule will take the payments into the next financial year, potentially enabling the owners to defer millions in tax."

However, in a joint statement released by current chairman Alan Pace, and former chairmen Mike Garlick and John Banaskiewicz, both still on the board, says: “The conditions of the payment structure is a private matter between the three parties of ALK Capital, Mike Garlick and John Banaszkiewicz.

"However, we would like to confirm that every payment required as per the terms has been made on-time and in full, the future payment schedule remains in order and all parties have no concerns over the structure or the compliance to those terms.

“Our relationship is a part of a multi-year plan and we look forward to it continuing in a strong, positive manner.”

The speculation raised doubts over how the club was planning to source income, with a significant TV rights fee due this month, while Chris Wood was sold, against the club's wishes after Newcastle United triggered a buy out clause of £25m.

Pace is believed to be far from happy at the claims, which come at a far from ideal time, with the club actively looking to bolster Sean Dyche's squad for the remaining 21 Premier League games of the season, with the transfer window open until 11-59 p.m. on Monday, January 31st.