The Trust notes the Club statement released yesterday evening regarding potential investment in our football club, and the appointment of Jake Silverstein as a director of our club. The Trust look forward to meeting with him and discussing all things Swansea City.
Last week, our Supporter Director attended a club board meeting, at which the sole topic related to the prospect of a specific amount of funds being made available to the club. While the club statement refers to investment, we should note that the proposal referred to a loan to the football club, which could potentially be converted into shares at a future date, at the discretion of Mr Silverstein. This conversion option will also apply to monies introduced by any of the current shareholders.
The Trust would like to put on record that we were not consulted on yesterday’s public statement and we had not been informed by the majority owners that any agreement had been reached. Our most recent information was that discussions were still being continued. It is disappointing that it seems an agreement has been finalised without any discussion with our representatives.
From the Trust’s perspective, we have repeatedly noted the financial challenges the club is likely to face in the coming months. Investment into the club would be beneficial. However, what would be equally beneficial would be meaningful engagement between the respective shareholding groups – engagement before director appointments are made, engagement before public statements are made and, critically, engagement to resolve the legal issues that exist between our respective groups.
The Swans Trust exists to represent the interests of our members and the Swans fans overall. One of our key aims is to secure our football club for future generations, so we cannot be against genuine investment in our football club. However, we cannot accept any act that seeks to devalue the stake that Swans fans have in our football club.
With that in mind, we have initiated contact with the majority owners so we can discuss this issue, and the other issues between us, with the aim of finding a solution that works in the interests of the club and the fans overall.
Swansea City Supporters Trust
8th August 2020