Swansea City's new American investors have called a press conference at the Liberty Stadium this afternoon.Jason Levien and Steve Kaplan are expected to officially confirm their £100m takeover of the Premier League club as they speak for the first time following months of negotiations.
The pair have been in the city in recent days to rubberstamp the deal that marks a new era at Swansea.
Levien and Kaplan will be asked to address the concerns of some fans and the Supporters' Trust who have expressed their disappointment over a lack of engagement in recent days.
The exact detail of the takeover should become clearer when the official announcement involving the duo is made.
However, it is believed the American group headed up by Levien and Kaplan will receive around a 60 per cent stake in the Swans.
The key questions they'll be asked
How will the club work under new ownership?The hope will be that it continues in the same fashion that has been proven so successful for the club over the past decade, with the added impetus and financial flexibility of the new backers who have pledged increased investment into playing budget and club infrastructure. There has been no solid evidence presented in public regarding such a cash boost during talks but it has been claimed there is additional money from the US group – on top of the club’s existing revenues generated from staying in the Premier League and the resulting new broadcast payments – and greater access to further investment for potential stadium development.
The key questions they'll be askedThere is still a fair bit we don’t know about what the future holds and there are some key questions to be answered
How much money will they actually invest in the club?
Will there be an increase in transfer funds?
What are their plans on stadium expansion?
How do they view the criticism from the Supporters’ Trust?
Why did they chose Swansea and what are their ambitions?The scene is setStill waiting for a start time for this afternoon’s press conference to officially unveil Swansea City’s new owners. The plan was to begin at 4pm, but that has now been pushed back.
Three chairs sit empty with name tags for Steve Kaplan, Huw Jenkins and Jason Levien placed in front of them.
Who will be in charge now?With 60% to their name Kaplan and Levien are in essence the new men calling the shots at the Liberty and will take seats on the board. However, the US group have been keen to stress during discussions that they want to keep Huw Jenkins on as chairman and keep his seat on the board to maintain continuity.
The Supporters Trust, represented by Huw Cooze at board level, will keep a place. The Trust had previously suggested they would be keen for a second seat as part of their proactive calls for clarity and accountability of a new ownership.
They are keen to now thrash out a new shareholder’s agreement they see as key as moving forward together. Leigh Dineen will keep an executive management role but it is not clear if he will stay on as vice-chairman or indeed still have a place on the board.
Huw Jenkins will maintain an ownership stake in the club
The timing of today's press conferenceWe don’t have a specific time for the press conference to start although we do know it will be sometime after 4pm.
The cameras and club backdrop are in place at the Liberty Stadium and we’ll keep you updated on a start time.
We’re told Jason Levien, Steve Kaplan and Huw Jenkins will be present.
What does the deal mean?We’ll find out the finer details shortly but, in basic terms, Swansea have new owners for the first time since a local consortium including the Supporters Trust bought the club from Tony Petty in 2001.
That said, it is not a complete takeover in that the US group have bought around 60%-70% of the current shares – enough for them to be comfortably the largest shareholders but leaving many of the existing shareholders retaining a stake and places on the club’s board of directors.
Swansea City's new owners Jason Levien and Steve Kaplan
The Supporters Trust – who were not offered to sell their shares as part of the original talks over the deal – have retained their 21.1%. It had been thought that Dutch director John van Zweden will sell all of his 5.3% shares and give up a place on the board while Robert Davies – not a board member – will sell his 10.5% stake. Brian Katzen (21.1%) and Huw Jenkins (13.2%) are expected to retain a small percentage.
It is not clear how much of a stake former majority shareholder Martin Morgan will keep with his 23.7% shared between himself and wife Louisa, nor whether Leigh Dineen will retain a small percentage of his previous 5.3% stake.
It is not clear what the final purchase price of the deal is with the £110m figure reported by WalesOnline relative to the overall value of the club. Initials discussions had centred around a purchase of around 75% of the club’s shares.
Swansea City and chairman Huw Jenkins have been in talks with an American investment group
Will they address concerns of Swans Trust?It will be fascinating to hear how the pair address the concerns of the Swansea Supporters’ Trust who have spoken about their disappointment over a lack of engagement in recent days.
They, and many fans, still want to know how much investment will be put into the club by the new owners and what the plans’ are for a new Shareholders Agreement. The Trust will maintain their 21% stake
Here’s what they said earlier this week...
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.”
Press conference calledSo, finally after months of negotiations, we reach the stage where Swansea City’s £100m US takeover is about to be confirmed.
Jason Levien and Steve Kaplan are due to hold a press conference shortly when they will speak for the first time and answer questions about the deal.
The US consortium they head is expected to have purchased a 60% stake in the club
DC United co-owner Will Chang looks on as Jason Levien speaks during a press conference on July 10, 2012
Source : WalesOnline
