New Burnley chairman Alan Pace responds to ‘£80m loan’ report
New Burnley chairman Alan Pace has refuted claims ALK Capital has borrowed around £80m to complete their takeover at Turf Moor.
A report on The Athletic website suggests: “According to several well-placed sources, ALK paid about £150 million for 84 per cent of Burnley’s shares, but has put in only around £15 million of its own money up front.
”The rest has come from MSD Capital...and approximately £55 million from Burnley’s own bank account.”
Pace himself responded on Twitter, saying: “Disappointed to read this headline, having responded that the financial details are inaccurate.
”This loan is absolutely reasonable and sustainable. We are committed to continuing the club’s growth and demonstrating financial stability. We’re here for the long haul.”
And ALK point out that the business plan and funding was reviewed and approved by the Premier League as part of a diligent process.
Pace passionately explained the loan in as much detail as he could with the local press on Tuesday, saying:
“I would tell you the way that we have done this, I am absolutely positively certain, it has never been done in the same way ever before, and has everything to do with making the fan base comfortable that this is the most sustainable form of what we could have done - bar none.
”I think people will realise that over time, we can’t speak about it for a whole bunch of reasons, but if I was in front of a number of fans at any given time, I can put my hand on my heart, look them in the eye and say ‘you should be proud of the way that this club has done what it has done, and you should be happy with knowing where it can go and will go, with the structures that have been put in place.
”I don’t mean to be over-dramatic, I can’t explain it, but if you know, you’d be like ‘oh my goodness, this is incredible’.
”You’re taking a mortgage - you don’t think twice about taking a mortgage for your house. But, it really does depend on which mortgage you take, how much you take, and what’s the structure and interest rate.
”Those are minor points, but it also depends on who you take it from, and what you do. All those things have a play, but hopefully someday people will look back and say this was pretty incredible.
”As a supporter, if I understood it the way I understand it, I’d be like ‘good on them, they’ve done a great thing for this club’.”