June 6 – Another English Premier League club has been bought by US investors. Welsh club Swansea City, who play in the English league and cup, have completed a sale of what is believed to be 60% of their shareholding for £110 million to US investors Jason Levien (pictured) and Steve Kaplan.
The deal has been on the cards since at least April and it is understood that the new the new owners had to fight off interest from a Chinese consortium.
Swansea City have been in the Premier League for the past five seasons and have been one of the league’s success stories having been rescued from bankruptcy in 2001.
The deal marks a significant return on the investment of £1 million each that the old shareholders put in to save the club. Since then the club has moved to the new city funded Liberty Stadium in Swansea, and although flirting with Premier League relegation this season, has established itself as a top flight force.
Chairman Huw Jenkins will keep his executive role as well as some shares, as will some of the other existing shareholders – though there are few details of the acquitistion currently being made public.
The Swansea City Supporters Trust will keep their 21.1% shareholding and said they were not offered to sell their stake. Levien and Kaplan have previously said that they want the trust to remain involved in the running of the club.
The new owners already own professional sports teams in the US. Levein owns MLS side DC United while Kaplan is executive vice-chairman of the Memphis Grizzlies in the NBA.
A club statement said: “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.”
While these are early days for the new majority ownership it is understood that a discussion regarding the ownership and potential expansion of the Liberty Stadium is under way with Swansea’s local council. Funds are also expected to be released for investment in the playing squad.
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