Read on Twitter
So I looked into this an hour more and some interesting stuff came through. https://twitter.com/city_rabin/status/1344584322695614466
In 2019 when Alan Pace the new Chairman of Burnley quit Citi news reports said that he joined with Checketts to start ALK Capital and that they were going to invest in a football club in England.
Both Checketts and Pace were front and centre on the failed Sheffield United deal
Both Checketts and Pace were front and centre on the failed Sheffield United deal
Checketts, a is the popular former President of NY Knicks & Utah Jazz and the former owner of Real Salt Lake Football (RSL, where he was Pace's boss) and St Louis Blues (SLB). So I reckon he was a big part of ALK Capital and possibly the key to its fundraise.
Yet he is reported as an advisor to the Burnley takeover. Which was surprising and a bit confusing. So I looked into it..
Checkett's background threw up a a few things..while he owned RSL and SLB, the clubs did decently well but were creaking under debt. So much so that in the end they were reportedly unable to pay their debtors and eventually had to be sold off by Checketts.
Dell Roy Hanson who bought RSL from Checketts is quoted as saying that "they (meaning Checketts and co) had defaulted nine times in 14 months."
Checketts' stint at At Louis Blues seemed similar, SBnation says "What started out with the promise of a Blues revolution ended with a quiet exit stage left in the midst of cash flow problems and a litany of failed promises to fix the ownership situation."
Both stories are similar in their big ideas and promises but massive debts, with the club assets hypothecated to lenders and a consistent inability to put in personal funds to bail out the club
So why this may be pertinent now? Because as per the Premier League fit and proper rules someone is disqualified if
"They have been a director of two or more clubs of which, while they have been director, has suffered an event of insolvency"
"They have been a director of two or more clubs of which, while they have been director, has suffered an event of insolvency"
So my questions are:
1) What is Dave Checkett's ownership % in ALK Capital?
2) Why did he step back on this transaction? Was it due to an inability to fit into the fit and proper rule?
2) What is the source of funding for the Burnley takeover?
I think it's important to know.
1) What is Dave Checkett's ownership % in ALK Capital?
2) Why did he step back on this transaction? Was it due to an inability to fit into the fit and proper rule?
2) What is the source of funding for the Burnley takeover?
I think it's important to know.
