The Swansea City Supporters Trust remains disappointed at the lack of engagement as part of the ongoing process to transfer majority ownership of Swansea City Football Club to Jason Levien and Steve Kaplan.We are anticipating an official announcement this week to confirm that the negotiations between the buying and selling parties have been completed, however from our perspective there is still much work to be done to conclude the deal fully, given that no discussions have yet commenced as to how the remaining shareholders will work together, in particular the drawing up of a new Shareholders Agreement.
Without any new agreement, the original agreement that was produced back in 2002 remains in place which, while offering the Supporters Trust a number of protections, would need updating in order for the Club to run properly under the new ownership structure.
Therefore we continue to urge Messrs Levien and Kaplan to work with us to ensure that we have an agreement more in keeping with the new structure of the Club.
Trust Chairman Phil Sumbler commented:
We are still to receive any information regarding future plans for the football club, and also what investment into the football club, if any, is proposed.
We also firmly believe that discussions are urgently required between all parties in order to determine how the buyers will work with the remaining shareholders for the long term benefit of the football club, and the negotiation of a new Shareholders Agreement is key to achieving this, but we are disappointed that our desire to enter into these discussions has not been matched by the buyers or the other remaining shareholders.
However, we remain keen to work with Messrs Levien and Kaplan and their representatives in order to ensure all parties pull together in the long term interests of the football club. We are also keen to introduce improved governance and structure to the football club to ensure we have an effective plan for the coming season and beyond.
This is a key time for both Swansea City and the Supporters Trust and it is in everyone’s interest that we swiftly conclude negotiations so that, both on and off the field, we can concentrate on the new football season ahead.”