Outgoing chairman Mike Garlick says Burnley's new owners will be moving into the area.

American sports and media investment company ALK Capital completed a £170million takeover.

The deal, which has been approved and ratified by the Premier League, sees ALK Capital's sports investment arm, Velocity Sports Partners, acquire an 84 per cent shareholding in the club.

The firm's managing partner Alan Pace will succeed Garlick as club chairman.

Garlick revealed, "This investment represents a natural progression for Burnley Football Club.

“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, whilst driving evolution and innovation."