American consortium completes Swansea takeover
Published 05/06/2016 | 10:31
The takeover of Swansea by an American investment group has been completed.
The American consortium - fronted by Jason Levien and Steve Kaplan - has been in talks over acquiring control of Swansea since last year, with news of the proposed change of ownership emerging in early April.
It is understood that the Americans have acquired around 60 per cent of the Barclays Premier League club, who confirmed the completion of the takeover on Sunday morning.
Levien and Kaplan, who both have extensive experience in American sports, must now pass the Football Association's owners' and directors' test before the deal is officially ratified.
Swansea chairman Huw Jenkins will remain at the Liberty Stadium in an executive role and be in charge of the daily running of the club.
The shareholding of the Swansea Supporters' Trust, who own 21 per cent of the club, remains unchanged.
"Swansea City Football Club is delighted to confirm the takeover by Jason Levien and Steve Kaplan subject to the approval of the Premier League," read a statement on the club's official website.
"Jason and Steve will lead an investment consortium which has acquired a controlling majority of the shares with several existing shareholders also maintaining a smaller stake in the club.
"The agreement concludes a lengthy negotiation process and will see Huw Jenkins remain in an executive role and charged with the day-to-day running of the club. Huw will also maintain an ownership stake in the club.
"Jason and Steve have vast experience in running sporting franchises in America.
"Jason is managing general owner of MLS side, DC United while Steve is the executive vice-chairman of the Memphis Grizzlies in the NBA.
"Both see the takeover of Swansea City as an exciting opportunity for long-term growth in the club in every area.
"There is a huge level of respect for and a huge desire to build on the outstanding work of Huw Jenkins and his fellow board members who, alongside the Supporters' Trust, rescued the Swans and transformed them into a highly-respected Premier League club.
"All parties expect the takeover to be fully sanctioned by the Premier League in the coming weeks."
It is understood that the deal values the club - who have spent the last five seasons in the top flight of English football - at around £110million.
The deal could see the expansion of the 21,000-capacity Liberty Stadium, the second smallest in the Premier League, as well as investment in the club's training facilities and playing staff.