New owners for the Swans

Sion Richards

Sion Richards

Friday, 22 Jul 2016, 14:34

Following the delayed confirmation on Thursday evening that Swansea City had new owners, a press conference was held at the Liberty Stadium on Friday morning (July 22).

The press conference had originally been scheuled for Thursday morning then Thursday afternoon, but a legal dispute involving two minority shareholders meant a further postponement.

Following the protracted delay, it was finally announced on Thursday night that the Club could confirm that it had been sold to an US consortium which had published an open letter to the Swans’ supporters.

The American consortium is led by Stephen Kaplan and Jason Levien who have both gained sports ownership experience in the United States. Kaplan is Executive Vice Chairman of the Memphis Grizzlies NBA basketball team whilst Levien is Managing General Partner of the MLS football team DC United.

Levien confirmed in the press conference that the consortium had purchased a 68% stake in the English Premier League side in an investment valued at £100 miliwn.

Current Swans Chairman, Huw Jenkins, attended the press conference, and Levien emphasised that Jenkins would remain in the position.

The two main challenges facing the new owners will be to convince the fans that the club remains in safe hands, and to strengthen Francesco Guidolin’s squad before the start of the new season which sees them travel to Turf Moor to take on newly-promoted Burnley on August 13th.