Burnley FC release lengthy statement as Vincent Kompany is finally announced Bayern Munich's new boss

The 38-year-old has signed a three-year contract at the Allianz Arena, where he replaces German Thomas Tuchel.

It’s been widely reported that Burnley will receive €12m (£10.2m) in compensation for Kompany, making him the fourth most expensive manager of all time.

In a lengthy statement confirming Kompany’s departure, Burnley said they respect Kompany’s hunger to join such a prestigious club.

“We can confirm that Burnley FC has come to an agreement that will allow Vincent Kompany to leave Turf Moor,” the Clarets.

“Whilst we were initially confident in retaining our manager, the changing dynamics of the situation made this impossible.

“We understand the allure and prestige of a club like Bayern Munich and respect Vincent’s ambition to explore new opportunities.

“We wish only the best for Vincent and would like to put on record our appreciation for his dedication every single day he was a part of this football club.

“Our priority remains the stability and success of Burnley FC and we will continue to take the necessary steps to ensure that our ambition is realised – namely our return to the Premier League.

“We have started the search for a new manager and will make an announcement in due course.”

No announcement has been made about the futures of Burnley’s backroom staff as yet, but it’s understood Mike Jackson and Craig Bellamy won’t be joining him in Germany.

Floribert Ngalula and Bram Geers, however, are expected to be move with him.

It’s quite the step for Kompany given the Belgian’s struggles this season.

After guiding Burnley to the Premier League with an unforgettable Championship title win in his first season in charge, where he amassed 101 points along the way, he endured a torrid time in the Premier League this season, suffering an instant relegation after collecting just 24 points.

Kompany’s appointment in Bavaria brings an end to a protracted and drawn out process to find Tuchel’s replacement, after agreeing to move on from the German back in February.

The decision to part ways came amid a difficult season for Bayern in the Bundesliga, where they finished in third place, 18 points behind unbeaten champions Bayer Leverkusen.

Xabi Alonso, Unai Emery, Oliver Glasner, Julen Lopetegui, Julian Nagelsmann and Ralf Rangnick had all been targeted, while the Bavarian outfit also attempted to keep Tuchel on at one point.

As for Burnley, they must now begin the process of identifying a new boss that will be tasked with guiding the club back to the Premier League at the first attempt.

Given Kompany’s move has been on the cards for over a week, however, talks will have already taken place with prospective candidates.

Steve Cooper was installed as the early favourite but it’s since been reported he’s ruled himself out of the running to focus on remaining in the Premier League.

The likes of Scott Parker, Frank Lampard, Ruud van Nistelrooy and Raphaël Wicky have also been linked with the post.