The Supporters Trust have seen news stories suggesting that a deal has now been agreed between the other shareholders in Swansea City FC and the US Consortium led by Jason Levien and Steve Kaplan to take a major shareholding in the football club.The Trust has continued to monitor negotiations between the parties but these negotiations are entirely between those shareholders who are seeking to sell some or all of their shares in the club and the proposed new owners.
As the Trust said in its initial statement in April, these are complicated discussions and we dismissed initial media reports suggesting such a deal was imminent.
The Trust can once again confirm that no offer has been received for our shares within the football club.
The Trust has since had contact with Jason Levien (we have had an initial meeting with Jason, our advisors then had 2 subsequent follow up meetings and we also had a call with Jason around 4 weeks ago), but the focus of the consortium has been to agree terms with the selling shareholders for the purchase of their shares.
The Trust has put forward its views on how the club should be run in the future, and where the club can be improved. However, due to the consortium’s focus on negotiating with the selling shareholders, there has not been any formal agreement reached between the proposed future shareholders of the club regarding how the club will be governed, including any future shareholders agreement.
The Shareholders Agreement is the key contract that will govern the future relationship and also the agreement that provides the protections for the minority shareholders remaining.
During the course of these discussions, the Trust has been repeatedly assured that the purchase of the shares by the new owners will be paid for from the consortium’s own funds, and there is no intent to subsequently add new debt to the club’s balance sheet to fund the transaction.
However, to date, no details have been provided regarding the other parties within the US Consortium or details regarding any investment plans within the club.
The Trust is fully aware of the club’s need to progress off and on the pitch. The club continues to perform remarkably well in many areas, however we all know that there is considerable scope to improve revenue growth in certain areas and we also understand the need for sustainable investment, especially for projects such as stadium expansion.
We would fully support any improvement in these areas, so long as it respects the club’s proud history and ensures fans are not priced out or inconvenienced in their desire to support their team.