New Burnley chairman Alan Pace admits ALK Capital were having second thoughts about their takeover bid earlier this year.
Given the uncertainty around 16th-place Burnley remaining in the Premier League and the heavy financial impact the pandemic continues to have on football in this country, it is no surprise Pace admits there have been plenty of occasions over the past few months when he considered abandoning the project.
“Yes, at multiple points we thought it wasn’t going to be for us,” said Pace, who tried and failed to complete a deal for Sheffield United prior to setting his sights on Burnley, reports BBC Sport.
“When we went into lockdown last year we had to think long and hard about what it was going to look like. Project Restart really helped us to understand what was going to be possible.”
If there is unease amongst Burnley fans, it comes through the funding of Pace’s project.
Pace won’t say exactly how much he has borrowed from Michael Dell’s MSD UK Holdings but it is clearly a significant sum, which brings back uncomfortable memories of how the Glazer family funded their purchase of Manchester United, plunging the club into a huge amount of debt.
“I believe there is a way to be financially responsible that is sustainable,” he said.
“The loans for this transaction are absolutely reasonable and in line with what can be supported by this club and will not take away from the club’s ability to operate on a daily basis.”