Announcements were issued by the Premier League regarding new investors into Burnley’s Football Club. It’s been learned that an investment firm from American has taken ownership of another team in the Premier League. It marks the 6th franchise that’s sold to US-based investors & lost their British heritage, prompting anger from supporters that rally behind the Premier League’s history.
Velocity Sports Partners has purchased an 84% majority stake into Burnley FC, acquiring ownership from prominent businessman in Britain. John Banaszkeiwics & Mike Garlick sold their majority stake after facing financial disruptions from the pandemic. Losing ownership isn’t detrimental for either businessman, with Burnley FC having not acquired a championship since 1960. Decades pass between the periods where this franchise wins the Premier League & loses.
Three divisions reside over the Premier League, and multiple others over the English Football League. After acquiring championship status in 1960, notable downfalls were sustained by Burnley FC. It prompted their inevitable departure from the Premier League’s first division by 1980, downgrading this club to the third division. Burnley wouldn’t regain entrance into the Premier League’s highest level until 2014, encapsulating a period of 34 years. Burnley has sustained six seasons since rejoining the top division & hasn’t come close to acquiring championship status. Even under the ownership of Velocity Sports Capital, it’s unexpected this franchise will regain prominence.
Increased Allocation Funds
There’s one element of this announcement which benefits Burnley FC. Investment firms sustain reserve funds dedicated towards the expansion of owned properties. Allocation funds for Burnley FC will increase tenfold under Velocity Sports Capital’s ownership, meaning better players & more experienced coaching personnel leading this club. It’s that attribute which could redefine the upcoming campaigns for Burnley FC. Supporters shouldn’t forget that the Premier League’s 2020 season saw Burnley in 16th position, with twenty teams competing under the first division. Improvements are needed immediately for Burnley FC to contend for championship position & sustain their placement under the first division.