Burnley’s financial condition is being questioned as to the owner’s delay in payment

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    Sources state that the owners of Burnley have delayed in making payments which were owed to the former directors, required to complete the takeover, and also raising new fears regarding the financial condition of the Premier League club. Reports have stated that ALK Capital have renegotiated the payment schedule of their takeover of 170 million pounds with fees having a worth of tens of millions to former owners John Banaszkiewicz and Mike Garlick.

    Various statement

    Five other smaller shareholders were also to be paid last year, now deferred until April. It is revealed that the payments have been delayed to give ALK time to gain more investment which has indeed proved elusive since they agreed on a deal to buy 84% of Burnley, 1 year ago.

    Information from another source stated that the revised schedule will take the payments to the next financial year, i.e., in 2023, which would potentially enable the owners to defer millions of tax

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    ALK declined to express reasons

    However, ALK has denied explaining their reasons. But still, the owners have another way to find their income uniquely. A huge TC rights fee is due to Burnley for the present month, for example, the club could raise further funds in the upcoming transfer window. They have sold Chris Wood already to Newcastle for an amount of 25 million pounds.

    When will the payment be cleared of the former owners of Burnley

    The initial payment to Banaszkiewicz, and Garlick, has summed up to be 102 million pounds, and the rest is to be paid in three instalments. The revised payment schedule has been agreed upon by all the parties. However, despite all these, ALK has denied telling anything in this regard of the payment schedule.

    Read More: Barcelona FC rejected the deal of Dusan Vlahovic in 2020 costing 15 million pounds

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