Who owns Burnley?

[Corway]

The Athletic a NY Times company have just phished an article on who owns every PL Club. It’s available for free. An interesting read when you have time.

What a tangled web Alan Pace has created and hidden in Jersey. A trail of short term companies being dissolved - what is going or not going on?
Worrying that accounts for Velocity Capital were due by Dec 24 and are still outstanding.

https://www.nytimes.com/athletic/653983 ... d=26205779

Mr précis of
Burnley Who owns them?

On 30 December 2020, a majority shareholding in Burnley was acquired by Calder Vale Holdings Limited (CVH), a UK-based holding company wholly owned by Velocity Sports Limited (VSL), a Jersey-based company. The takeover was a leveraged buyout, whereby significant amounts of club money were used, alongside debt, which was then loaded onto Burnley to repay. In October 2023, CVH transferred its Burnley shares to Velocity Capital (UK) Holdings Limited, another UK company wholly owned by VSL. VSL, in turn, is owned by ALK Capital LLC, a Delaware-registered company.

Velocity Capital currently owns 82.71 per cent of Burnley shares. Burnley chairman Alan Pace eowned 50.38 per cent of club shares, via ALK and Velocity, and his shareholding in Velocity Capital remains between 50 and 75 per cent per the latest Companies House filings. Pace is listed by the club as its ultimate controlling party.

ALK partners Mike Smith and Stuart Hunt share Velocity Capital’s remaining 32.33 per cent holding,

Velocity Capital has yet to publish its first set of accounts to March 2024 — due by Dec 2024 — so visibility on the exact share allocations is poor.

Velocity Sports Partners LLC, a separate entity, owns 7.36 per cent of Burnley. This business is controlled by ALK and is believed to be the vehicle by which smaller shareholders have been attracted to the group; retired NFL star J.J. Watt is a minority investor in Burnley, seemingly via Velocity Sports Partners LLC.

Separately, a five per cent tranche in the club is owned by CJA NYC Element LLC, a Delaware-registered company with links to American businessman Vlad Torgovnik. Torgovnik joined the board of Burnley’s holding company in August 2023.

The remaining 4.92 per cent of shares is spread among roughly 1,000 long standing minority shareholders,

[alwaysaclaret]

That's the million dollar question Corway, cos I'm not sure even Alan Pace does, or as it seems is the majority shareholder.

[Corway]

That's the million dollar question Corway, cos I'm not sure even Alan Pace does, or as it seems is the majority shareholder.

Alwaysac
I guess it’s a multimillion dollar one now further complicated by how this all relates to
“ALK Capital's sports subsidiary Velocity Sport Limited (VSL), has acquired Spanish top-flight club RCD Espanyol”

With an English parent company but partly owned by American shareholders, VSL also owns Burnley. With this transaction, Rastar, which currently holds 99.66% of the Espanyol shares, will become part of the English holding company.

Apparently Pace lived in Barcelona for 3 years in the 90s and fell in love with football.
https://en.ara.cat/sports/the-unknown-l ... 68947.html

It’s getting very tangled.

[aggi]

Nothing new but Aadecent article on this for a change, guess that's what you get when you employ an accountant to write these things.

There's no real reason to believe that Pace doesn't have control given the statements on the website and companies house but it's obviously pretty opaque. Although even in the days of Mike Garlick and Barry Kilby we had overseas entities owning shares and a BVI company owning the turf and gawthorpe

[Row x]

I'm sure there's a couple of long standing threads that try to explain all this, not sure we need another

[Chester Perry]

It is questionable if Pace owns the suggested shareholding - what we do know is that he certainly is the one with majority control

All ownership data has long been shared on the takeover thread, where there is more depth and nuance to the information including the structure, how the different share types in Velocity Sports Limited (Jersey) offer greater control to ALK every time new shareholdings (like the one Rastar looks to be gaining) are allocated and the omission in the above that Velocity Sports LLC also has direct ownership of a shareholding in the club that take the total Velocity holding to 90.01%

The only thing presented that is new to me and this forum is the HB Investments purchase of 32 Papa John restaurants 'across the north' in 2022 these are not owned by HB Pizza Ltd which has been in the process of voluntary Liquidation since September 2023 - incidentally HB Pizza Ltd has never produced any accounts (3 sets now overdue) and has 2 soon to be 3 Confirmation Statements overdue.
I am still looking for the UK entity at Companies House that runs these restaurants, though it appears that Stuart Andrew Hunt born October 1975 (in any guise) is not a director. The only confirmation reference I have found to the transaction is

https://www.ashtonslegal.co.uk/insights ... ansaction/

[alwaysaclaret]

I'm sure there's a couple of long standing threads that try to explain all this, not sure we need another

Why not ? Still a lot of questions unanswered, and club millions in debt.

[123EasyasBFC]

This thread needs closing before arguments start.

[Row x]

Why not ? Still a lot of questions unanswered, and club millions in debt.

And more than covered in two threads..

[Row x]

This thread needs closing before arguments start.

Should just be merged with one of the other threads

[Chester Perry]

merging into the takeover thread is not a bad call

[NewClaret]

Why not ? Still a lot of questions unanswered, and club millions in debt.

Do you think this thread is going to answer any of those questions?

[claretonthecoast1882]

For those desperate for answers could anyone explain what it would change for them once they knew.

[ClaretPete001]

Alwaysac
I guess it’s a multimillion dollar one now further complicated by how this all relates to
“ALK Capital's sports subsidiary Velocity Sport Limited (VSL), has acquired Spanish top-flight club RCD Espanyol”

With an English parent company but partly owned by American shareholders, VSL also owns Burnley. With this transaction, Rastar, which currently holds 99.66% of the Espanyol shares, will become part of the English holding company.

Apparently Pace lived in Barcelona for 3 years in the 90s and fell in love with football.
https://en.ara.cat/sports/the-unknown-l ... 68947.html

It’s getting very tangled.

I'm not a tax type but I believe Spain has a wealth tax on property and there are tax breaks to be had from claiming your main residence is in the UK so I'm not sure Alan Pace will be moving anytime soon.

[aggi]

I'm sure there's a couple of long standing threads that try to explain all this, not sure we need another

It's a nice little summary compared to the other thread with 13,000+ posts.

Also has this nice little graphic for the overall picture

[Row x]

It's a nice little summary compared to the other thread with 13,000+ posts.

Also has this nice little graphic for the overall picture

That graphic would still have been accessible if posted on the other thread, it's not like people don't know they exist.

This will still turn into the same discussions, with the same people

[Paul Waine]

The only thing presented that is new to me and this forum is the HB Investments purchase of 32 Papa John restaurants 'across the north' in 2022 these are not owned by HB Pizza Ltd which has been in the process of voluntary Liquidation since September 2023 - incidentally HB Pizza Ltd has never produced any accounts (3 sets now overdue) and has 2 soon to be 3 Confirmation Statements overdue.
I am still looking for the UK entity at Companies House that runs these restaurants, though it appears that Stuart Andrew Hunt born October 1975 (in any guise) is not a director. The only confirmation reference I have found to the transaction is

https://www.ashtonslegal.co.uk/insights ... ansaction/

Hi CP, take a look at LinkedIn if you are interested in Stuart Hunt's connections with some Papa John restaurants.

"Stuart Hunt is a Partner at ALK Capital and Director at Burnley Football Club. He is also President of PJ Restaurants, a large franchisee with Papa John's International and Managing Member of Hunter Bright Investment Group." LinkedIn.

I wouldn't get too excited. Football club owners can also have other interests, including involvement in the "food chain."

[Paul Waine]

It's a nice little summary compared to the other thread with 13,000+ posts.

Also has this nice little graphic for the overall picture

Hi aggi,

I assume the graphic is from the Athletic article?

I puzzled over the 50%, 16%, 16% splits for BFC ownership (maybe for only one or two seconds). Then I realised the Athletic is confusing investments in ALK Capital (Alan Pace, 50%, etc etc) with voting rights in Burnley Football Club. ALK is the managing partner of Velocity Sports Partners. There is no 50:16:16 etc voting rights split in BFC. ALK/VSP is all one bundle. There's zero possibility of their shareholding splitting their vote, some for and others against any motion.

[Chester Perry]

Hi CP, take a look at LinkedIn if you are interested in Stuart Hunt's connections with some Papa John restaurants.

"Stuart Hunt is a Partner at ALK Capital and Director at Burnley Football Club. He is also President of PJ Restaurants, a large franchisee with Papa John's International and Managing Member of Hunter Bright Investment Group." LinkedIn.

I wouldn't get too excited. Football club owners can also have other interests, including involvement in the "food chain."

Unlike some, I have never found any of this exciting

I am, and have long been well aware of Stuart Hunt's Papa Jon's associations - it has been previously discussed on the takeover thread.

I was specifically referring to the UK arm of his activities outside the club - those 32 outlets are new information. HB Pizza was initially formed to cover the Papa John's pizza fan that used to operate in the fan zone at Turf Moor, along with festivals and events around the country. The fact that it has never produced accounts in 4 years is consistent with other practices of these directors, and if it did briefly own 32 pizza outlets (which we have to presume have been transferred to another entity given the company is in the process of liquidation), it would be interesting to know if the non-reporting practices have continued. Even if only because serial law-breaking like this may end-up (subject to further tightening up of Companies House practices) being of interest to the new regulator and their annual appraisal of 'fit and proper'.

[Chester Perry]

Alwaysac
I guess it’s a multimillion dollar one now further complicated by how this all relates to
“ALK Capital's sports subsidiary Velocity Sport Limited (VSL), has acquired Spanish top-flight club RCD Espanyol”

With an English parent company but partly owned by American shareholders, VSL also owns Burnley. With this transaction, Rastar, which currently holds 99.66% of the Espanyol shares, will become part of the English holding company.

Apparently Pace lived in Barcelona for 3 years in the 90s and fell in love with football.
https://en.ara.cat/sports/the-unknown-l ... 68947.html

It’s getting very tangled.

The Barcelona thing has long been know (apart from being a running back in the local team, the Business school he went too is very highly rated and is likely the place he came into contact with fellow Burnley FC Director Antonio Parra

[Paul Waine]

Unlike some, I have never found any of this exciting

I am, and have long been well aware of Stuart Hunt's Papa Jon's associations - it has been previously discussed on the takeover thread.

I was specifically referring to the UK arm of his activities outside the club - those 32 outlets are new information. HB Pizza was initially formed to cover the Papa John's pizza fan that used to operate in the fan zone at Turf Moor, along with festivals and events around the country. The fact that it has never produced accounts in 4 years is consistent with other practices of these directors, and if it did briefly own 32 pizza outlets (which we have to presume have been transferred to another entity given the company is in the process of liquidation), it would be interesting to know if the non-reporting practices have continued. Even if only because serial law-breaking like this may end-up (subject to further tightening up of Companies House practices) being of interest to the new regulator and their annual appraisal of 'fit and proper'.

"Serial law-breaking" is a bit strong, isn't it, CP? Quick look at Companies House shows that liquidator was appointed for HB Pizza with a few days of the deadline for submitting the company's accounts. Yes, appears short lived business, but maybe that's not uncommon, particularly with hospitality businesses around and immediately following the covid-19 lockdown period.

Whatever the football regulator is going to do, he/she will not be looking into pizza franchise operations.

[Alanstevensonsgloves]

I wonder what Bob Lord would make of all this?!

[Buxtonclaret]

I wonder what Bob Lord would make of all this?!

He'd increase the price of his sausages.

[BleedingClaret]

I'm sure there's a couple of long standing threads that try to explain all this, not sure we need another
[/

Some like it murky

[Corway]

The article covers all PL clubs so maybe I should have said that in the title. I now have done so on this at least.
Seems it now needs you to sign up for a free trial.

The bigger questions are how on earth has the FA allowed such opaque ownership to develop and what can they do to protect fans interests.

[Row x]

The article covers all PL clubs so maybe I should have said that in the title. I now have done so on this at least.
Seems it now needs you to sign up for a free trial.

The bigger questions are how on earth has the FA allowed such opaque ownership to develop and what can they do to protect fans interests.

The FA may well say that there's no premier league club in danger of going bust, whereas every other league in England have clubs in danger

[alwaysaclaret]

Do you think this thread is going to answer any of those questions?

Probably not, but not a reason to stop asking them, the one's still asking them can live in hope

[Chester Perry]

,,,,,,,,

The bigger questions are how on earth has the FA allowed such opaque ownership to develop and what can they do to protect fans interests.

The simple answer is that they are allowing owners to use the law in terms of public disclosure, they could implement rules to say otherwise. You must remember that the FA and leagues themselves have all the necessary disclosures so they can issue and monitor their fit and proper tests- as will the new regulator going forward.

As it is The club is obliged to make some disclosure, certainly by the Premier League, which it does on it's Company Details webpage - which provided some of the info in the article you linked - it has been updated in the last few months, but was previously woefully out of date for over 2 years

[alwaysaclaret]

For those desperate for answers could anyone explain what it would change for them once they knew.

Probably nothing, but it would be nice to know who "actually owns the club" and then we could put a name to who is creaming off the profits, because there are some, but it's certainly not club profit, so where's it going.

[Row x]

The article covers all PL clubs so maybe I should have said that in the title. I now have done so on this at least.
Seems it now needs you to sign up for a free trial.

The bigger questions are how on earth has the FA allowed such opaque ownership to develop and what can they do to protect fans interests.

You can get a years free subscription to the athletic via sky vip if you have sky sports

[Paul Waine]

Probably nothing, but it would be nice to know who "actually owns the club" and then we could put a name to who is creaming off the profits, because there are some, but it's certainly not club profit, so where's it going.

We know who owns the club: Alan Pace and colleagues in ALK Capital and the investors in Velocity Sports Partners. We also know that the directors haven't taken any pay or any other form of remuneration in all the accounts that have been reported - 31st July 2024, reported May 2025. Similarly, we know that no dividends have been declared to date.

It's an expensive business running a football club. Players are very well paid. That's where the money has gone, so far.

[Paul Waine]

You can get a years free subscription to the athletic via sky vip if you have sky sports

Interesting. Is Athletic available foc if you get Sky through Now?

[aggi]

I pay £2 a month for a New York Times subscription which includes the Athletic. Well worth that amount I'd say, the offer is still on

It's meant to be a trial price for 6 months or a year or similar but I cancelled the subscription when the trial was up and they offered a renewal at that price.

[Row x]

Interesting. Is Athletic available foc if you get Sky through Now?

Depends if sky consider you a sky subscriber, and if you're a vip customer

[IanMcL]

Unlike some, I have never found any of this exciting

I am, and have long been well aware of Stuart Hunt's Papa Jon's associations - it has been previously discussed.

It would be interesting to know if the non-reporting practices have continued. Even if only because serial law-breaking like this may end-up (subject to further tightening up of Companies House practices) being of interest to the new regulator and their annual appraisal of 'fit and proper'.

That is my concern. That there is a cavalier approach to financial reporting.

All sounds a bit Robert Maxwell, robbing Peter to pay Paul.

[Corway]

We know who owns the club: Alan Pace and colleagues in ALK Capital and the investors in Velocity Sports Partners. We also know that the directors haven't taken any pay or any other form of remuneration in all the accounts that have been reported - 31st July 2024, reported May 2025. Similarly, we know that no dividends have been declared to date.

It's an expensive business running a football club. Players are very well paid. That's where the money has gone, so far.

Do we know who are VSP investors though and as we can’t see Jersey accounts and others here have not yet been submitted, I wouldn’t be so sure about remuneration or more likely dividends going to the US. I can’t imagine any VSP investors not looking for a profit and income.

[Paul Waine]

Do we know who are VSP investors though and as we can’t see Jersey accounts and others here have not yet been submitted, I wouldn’t be so sure about remuneration or more likely dividends going to the US. I can’t imagine any VSP investors not looking for a profit and income.

Velocity Sports Partners LLC is registered in Delaware. The State of Delaware, in common with a limited number of US states, doesn't require disclosure of the investors in Limited Liability Corporations (LLCs). VSP LLC is a manager-managed LLC (other LLCs may choose to be member-managed). ALK Capital, as we know, is the manager of VSP investment activities. We know the identities of some of the investors/partners in VSP because they have chosen themselves to publicly disclose their involvement. We don't know how much any of the investors have invested in VSP, nor the total that all investors have invested in VSP.

UK law requires limited liability companies, for example, Burnley FC Holdings Limited (registered #08335231), to prepare accounts and file them at Companies House. We all have free access to Companies House filings, so we can all read the disclosures in the filed accounts. BFCHL accounts are are audited. We can be confident that if the accounts say "No ordinary dividends were paid," as they do in the Directors' Report (page 4 of accounts, 31st July 2024) then no dividends have been paid.

Alyson Rudd, writing in Sunday Times today discusses Tom Brady, Wayne Rooney and Birmingham City.

"Brady mentions rather often that Birmingham is the second-biggest city in the UK. You can see the disbelief in his eyes. Such a huge city, but the team bearing its name is floundering. Imagine the money to be made from helping it to rise to the summit of the football pyramid. What an asset.

Overall, that is the approach of American investors. No matter how eye-watering, to us, the price tag might be to buy an English club, US business people see undervalued assets. Three years ago a consortium led by Todd Boehly paid £4.25billion for Chelsea. Madness to us, but strategic to the investors. US sports team franchises are not undervalued and cost more partly because they do not suffer the risk of relegation. Americans believe if they can orchestrate stability and growth they are getting a risk-free investment in an otherwise risky environment."

ALK Capital/VSP and Burnley aren't mention in Rudd's article, however, we can be certain that the same hope of investment return is what motivates the investors in VSP.

UTC

[ClaretPete001]

We know who owns the club: Alan Pace and colleagues in ALK Capital and the investors in Velocity Sports Partners. We also know that the directors haven't taken any pay or any other form of remuneration in all the accounts that have been reported - 31st July 2024, reported May 2025. Similarly, we know that no dividends have been declared to date.

It's an expensive business running a football club. Players are very well paid. That's where the money has gone, so far.

Is it not the case Paul that Salaries could be paid by companies not resident in the UK. Management fees to companies registered in Delaware or the like could easily be used to pay salaries.

In the last set of accounts ALK still owed the club nearly £100 million - that's a lot of money not spent on players.

[ClaretPete001]

Do we know who are VSP investors though and as we can’t see Jersey accounts and others here have not yet been submitted, I wouldn’t be so sure about remuneration or more likely dividends going to the US. I can’t imagine any VSP investors not looking for a profit and income.

We don't and the reality is that if the club makes more purchases like Espanyol it's quite possible that the ownership becomes even more complicated than it is.

[Paul Waine]

We don't and the reality is that if the club makes more purchases like Espanyol it's quite possible that the ownership becomes even more complicated than it is.

Pretty sure you didn't intend to type "if the club makes more purchases like Espanyol." We know that ALK/VSP are the entity that have bought Espanyol. Yes, ALK/VSP is a multi-club owner, but there's no reason why that makes anything "more complicated" for BFC.

[fidelcastro]

Pretty sure you didn't intend to type "if the club makes more purchases like Espanyol." We know that ALK/VSP are the entity that have bought Espanyol. Yes, ALK/VSP is a multi-club owner, but there's no reason why that makes anything "more complicated" for BFC.

Exciting times.

[aggi]

Pretty sure you didn't intend to type "if the club makes more purchases like Espanyol." We know that ALK/VSP are the entity that have bought Espanyol. Yes, ALK/VSP is a multi-club owner, but there's no reason why that makes anything "more complicated" for BFC.

The reality is that it has. Rastar are now technically part owners and although they are a reputable company (I've dealt with them on and off for the past fifteen years or so) adding an element of Chinese ownership is going to give a certain murkiness.

It's probably only short term but that then adds other considerations around financing.

[claretonthecoast1882]

Probably nothing, but it would be nice to know who "actually owns the club" and then we could put a name to who is creaming off the profits, because there are some, but it's certainly not club profit, so where's it going.

How much in profit has been creamed off ? You will have some base figure I presume when making this kind of comment ?

[Anonymous Claret]

How much in profit has been creamed off ? You will have some base figure I presume when making this kind of comment ?

I suppose all the people on here who have a better understanding of finances may be able to explain?

I am quite certain of something though the anonymous investors who have put their money into the club will expect a return on their investment. Some of them will probably have invested large sums and will probably expect significant returns on their outlay.

I may be completely wrong and all these investors have the same love for BFC that we do and are putting their money as a charitable act.

[ClaretPete001]

Pretty sure you didn't intend to type "if the club makes more purchases like Espanyol." We know that ALK/VSP are the entity that have bought Espanyol. Yes, ALK/VSP is a multi-club owner, but there's no reason why that makes anything "more complicated" for BFC.

The thread was 'Who owns Burnley?' so I don't agree that more purchases by those who 'own' the club would not make it more complicated. It quite clearly would

[claretonthecoast1882]

I suppose all the people on here who have a better understanding of finances may be able to explain?

I am quite certain of something though the anonymous investors who have put their money into the club will expect a return on their investment. Some of them will probably have invested large sums and will probably expect significant returns on their outlay.

I may be completely wrong and all these investors have the same love for BFC that we do and are putting their money as a charitable act.

So you can claim they are creaming off the profits without any knowledge ?

Did Barry Kilby make a profit ?
Did Mike Garlick make a profit ?
Did John B make a profit ?

Was it fine for these to make a profit ?

[Big Vinny K]

So you can claim they are creaming off the profits without any knowledge ?

Did Barry Kilby make a profit ?
Did Mike Garlick make a profit ?
Did John B make a profit ?

Was it fine for these to make a profit ?

Yes all 3 did make profits under their tenure and of course that is absolutely fine - it’s more than fine !

It’s what happens to those profits that is the question. Retaining profits in the club and building up our reserves or investment into developing infrastructure or training facilities etc is very different to taking that profit for yourselves via remuneration, dividends, interest or other more complicated corporate structure type means.

Or you could simply be very blatant about it like the Oyston family were when they went up to the Premier League and take around £20m in “cash” straight away because strictly speaking they are entitled to do so.

[dsr]

I suppose all the people on here who have a better understanding of finances may be able to explain?

I am quite certain of something though the anonymous investors who have put their money into the club will expect a return on their investment. Some of them will probably have invested large sums and will probably expect significant returns on their outlay.

I may be completely wrong and all these investors have the same love for BFC that we do and are putting their money as a charitable act.

I think they're expecting a big capital profit when they sell. The most recent accounts showed them taking out £1.5m in general admin/director fees (£2.5m last year), but of course the big benefit to the owners is that they have borrowed £120m interest free from the club, as a result of which BFC have had to pay £19m interest which they need not have paid.

So the investors are costing the club £20m+ per annum, as at year end July 2024. I doubt year end July 2025 would be less. That's quite a return.

[ŽižkovClaret]

I wonder what Bob Lord would make of all this?!

Probably something bigoted

[Corway]

I think they're expecting a big capital profit when they sell. The most recent accounts showed them taking out £1.5m in general admin/director fees (£2.5m last year), but of course the big benefit to the owners is that they have borrowed £120m interest free from the club, as a result of which BFC have had to pay £19m interest which they need not have paid.

So the investors are costing the club £20m+ per annum, as at year end July 2024. I doubt year end July 2025 would be less. That's quite a return.

Companies house filing records show £40m debenture loan was taken out in January 2025
The lender (debenture holder) has the right to appoint an administrator to take control of the company if it defaults on the loan. This follows the lender calling in the loan for repayment.

Maybe we could have a new owner if things go pear shaped.