All is not well at Burnley, but what of Alan Pace’s ‘other’ club Espanyol?

A pretty painful week for Alan Pace and ALK Capital will only have been compounded by a last-minute defeat for their ‘other’ club, Espanyol, over the weekend.

A day after a “Pace Out” banner was unfurled at an angry Turf Moor, where the Clarets lost again to extend their winless home run to an entire year, Espanyol went down to a 1-0 defeat to Atletico Madrid on Saturday.

It leaves the Catalan outfit in 14th place in La Liga, one point above the relegation zone.

Given the strength of the opposition, it’s not exactly the worst result in the world, although the timing of Atleti’s 89th-minute winner will sting. But, a year on from the completion of Pace’s takeover, all is not exactly well in Barcelona, either.

It didn’t start off that way, however, with the ‘Pericos’ - as they’re known, or the Parakeets, in English - winning their first three games under Pace’s tenure, continuing their impressive start to the season that saw them competing for a surprise Champions League place.

But things soon dropped off, and badly. So much so, they only managed to retain their La Liga status two games from the end of the season.

Since the completion of the takeover, Espanyol have won just 11 of their last 39 games, losing 19, giving them a win ratio of 28 per cent.

Combining the results of both Burnley and Espanyol since October 8, the two ‘sister’ clubs have lost 43 of their last 81 league games, winning just 15 (18.5 per cent win ratio).

While clubs elsewhere appear to be shunning and turning their backs on the multi-club model, it remains very much at the forefront of ALK Capital’s plans.

Only recently, Pace informed Burnley supporters at a Fan Advisory Board (FAB) meeting that the group “continues to assess a variety of projects”, following reports Mexican side Club Leon were being looked at.

There’s also the “strategic partnership” with Scottish outfit Dundee that has since gone quiet, having predominantly been a case of sending youngsters there on loan, while Belgian club KV Kortrijk were also considered.

During the same FAB meeting, Burnley fans were assured their club “remains the ownership group's primary focus and that no active opportunities are currently being pursued”.

That might be all well and good - although Espanyol supporters might not be too chuffed - but how long will that remain the case? After all, the club recently told members of the Burnley FC Independent Supporters’ Association that the Clarets will only remain the priority while Premier League TV money remains available.

Hardly the most re-assuring thing to hear when the club lies inside the Championship's relegation zone…

But what of Espanyol? And how is the ALK connection going down in Barcelona?

Upon completion of the deal, Pace pledged the two clubs would remain separate.

“Football has always belonged to its people,” he said. “Our role is not to replace legacy, but to build upon it, with care, with clarity, and with purpose.

“This is not about ownership; it’s about stewardship. Burnley will remain Burnley. Espanyol will remain Espanyol.

“Each club will retain its own leadership, identity, independence and decision-making, run by its own people, for its own supporters.”

And yet, this summer we saw a transaction either way, with Quilindschy Hartman joining Espanyol on loan and Lluc Castell moving to Burnley permanently.

After offending the town of Burnley on his way out, despite forgetting he might well be back there come the end of the season, Hartman has started just two league games so far this season.

Castell, meanwhile, has played the grand total of one minute in a cup game, instead finding himself featuring for the Under-21s.

Off the pitch, it had been mooted that Monchi, Aston Villa’s former director of football, could work across both clubs following his move to Espanyol, which was thought to be something of a coup. But he’s been very much focused on the Spanish club, while Genoa’s Diego Lopez looks to be on the brink of starting a similar role at Turf Moor.

To get an idea of the general feeling among Espanyol fans, the Burnley Express spoke with Alberto Martinez, a sports journalist that works for Catalan outlet La Vanguardia.

“There is a Spanish expression, "mucho ruido y pocas nueces" (much noise and few nuts) - meaning lots of promises, but ultimately very little to show for them,” he said.

“High expectations for growth were created, yet nothing has materialised in any area - whether in sports, commerce, or investment.

“When the Chinese owner, Chen Yansheng, arrived in 2016, there was at least some investment across all those areas during the first year. The only thing that has sparked any real excitement has been the signing of [sporting director] Monchi.”

But while supporters are feeling aggrieved with recent results, it’s not quite yet reached a “breaking point”.

“Right now, all fingers point toward Manolo González [the manager],” Martinez explained.

“He is the weakest link, still carrying the baggage of last year’s poor run, which left Espanyol on the brink of relegation with only three matchdays remaining.

“However, it is understood that the club’s problems are structural - which is where the "Pace" factor comes in. A lack of resources has prevented the squad from being strengthened.”

This is a clear nod to last January, where both Espanyol and Burnley declined to strengthen to any significant level despite their respective struggles.

The Clarets ended up weakly surrendering to relegation, while Espanyol survived by the skin of their teeth.

“People are keeping an eye on the struggles at Burnley,” Martinez continued.

“Espanyol fans are very inquisitive and highly engaged; they read up on and stay informed about what is happening in England.

“For the moment, the team has not fallen into the relegation zone, so the tension hasn't reached a breaking point. If that were to happen - regrettably - they will surely take note of everything they’ve been reading about the situation over there.”