The takeover of Swansea City by an American investment group was completed yesterday. The consortium is fronted by Jason Levein and Steve Kaplan, who have extensive experience in American sports.
The takeover of Swansea City by an American investment group was completed yesterday. The consortium is fronted by Jason Levein and Steve Kaplan, who have extensive experience in American sports.
The Americans had to see off competition from a Chinese consortium who it is thought were prepared to offer more money. However, the consortium owning the club, who rescued it from financial disaster in 2001, appreciated the elements of continuity in the American offer. Huw Jenkins, the Swansea chairman, will continue to run the club on a day-to-day basis and retains a small stake.
They have been in talks about acquiring the club since last year. It is understood that they have taken a stake of around 60 per cent. The shareholding of the Swansea Supporters’ Trust remains unchanged at 21 per cent.
It is understood that the deal values the club, who have spent the last five years in the top flight, at around £110m. The deal could lead to the expansion of the 21,000-capacity Liberty Stadium, the second smallest in the Premier League.