Swans bought by American investors

Posted Monday, June 06, 2016 by Foxsports.com

Swansea City have confirmed that American businessmen Jason Levien and Steve Kaplan have completed a £110 million takeover of the club, subject to approval.

The pair are believed to have bought a 60% controlling stake in the Swans and are expected to invest an additional £50m into the stadium, training facilities and playing staff.

However, they still need to be ratified via the Premier League owners and directors test.

"Swansea City Football Club is delighted to confirm the takeover by Jason Levien and Steve Kaplan subject to the approval of the Premier League," read the statement from the Welsh outfit.

The Swansea supporters club will remain a significant voice as the second largest shareholder with 21.1% ownership.

"Jason and Steve will lead an investment consortium which has acquired a controlling majority of the shares with several existing shareholders also maintaining a smaller stake in the club. The shareholding of the Supporters' Trust remains unaffected," the statement continued.

"The agreement concludes a lengthy negotiation process and will see Huw Jenkins remain in an executive role and charged with the day-to-day running of the club. Huw will also maintain an ownership stake in the club.

"There is a huge level of respect for and a huge desire to build on the outstanding work of Huw Jenkins and his fellow board members who, alongside the Supporters' Trust, rescued the Swans and transformed them into a highly-respected Premier League club.

"All parties expect the takeover to be fully sanctioned by the Premier League in the coming weeks."