American investment group ALK Capital has completed the takeover of English Premier League side, Burnley, after buying an 84% stake.
As such, ALK managing director Alan Pace has replaced Mike Garlick as Burnley's chairman.
Garlick and fellow shareholder John Banaszkiewicz will however remain as club directors.
A statement from the American group read;
"Garlick, alongside former shareholder John Banaszkiewicz, will remain on ALK Capital's new board of directors at Burnley, ensuring a smooth transition to new ownership and providing valuable knowledge from his eight-year tenure as club chairman," the statement said.
"This successful period has seen two promotions to the Premier League, development of the Barnfield Training Centre, and European football at Turf Moor for the first time in more than half a century."
Pace said the takeover markes "the start of an exciting journey for the entire Clarets family".
"Today marks a new era for Burnley as we become stewards of this historic football club and build on the impressive work that Mike Garlick, (manager) Sean Dyche and everyone at Burnley has done to make it a financially stable, established Premier League club that is a cornerstone of the local community," Pace said.
Adding: "With a rich heritage, a brilliant academy, and a passionate fan base, this club has solid foundations to build upon."
The deal has been done just in time for the January transfer window when the team can strengthen.