U.S. investors complete Swansea City takeover

Sun Jun 5, 2016 7:23am EDT
 
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LONDON (Reuters) - American investors Jason Levien and Steve Kaplan have completed their takeover of Swansea City, subject to Premier League approval, the Welsh club said on Sunday.

A statement on the Swansea website (www.swanseacity.net) said the investment consortium led by the two businessmen had acquired a "controlling majority" of the shares after lengthy negotiations.

The BBC reported that the 100 million pound ($145.18 million) deal was for 60 percent of the club, who finished last season in 12th position in the league.

Swansea said the shareholding of the club's Supporters' Trust, who have a 21 percent stake and a representative on the board, would remain unaffected.

Several existing shareholders will retain smaller stakes and chairman Huw Jenkins, who remains in charge of the day-to-day running of the club in an executive role, will "maintain an ownership stake".

Swansea said the takeover was expected to be fully sanctioned by the Premier League in the coming weeks.

Levien is the managing general owner of Washington-based Major League Soccer side DC United while Kaplan is executive vice-chairman of the Memphis Grizzlies NBA basketball franchise in the United States.

"Both see the takeover of Swansea City as an exciting opportunity for long-term growth in the club in every area," the club said.

Swansea were promoted to the top flight in 2011 and are managed by Italian Francesco Guidolin.   Continued...

 
Britain Football Soccer - Swansea City v Liverpool - Barclays Premier League - Liberty Stadium - 1/5/16
Swansea's Jack Cork celebrates scoring their second goal with team mates
Reuters / Rebecca Naden
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