Swansea could close US investment deal by next month

swansea-miller-park

Swansea could receive American investment as early as next month, club director Huw Cooze has revealed.

The Barclays Premier League club have been in talks with American businessmen John Jay Moores and Charles Noell since last autumn with the former owners of Major League baseball team the San Diego Padres set to make a significant cash injection in return for a 30 per cent stake in Swansea.

Both Swansea and the Supporters' Trust – who own 21 per cent of the club – have done due diligence on the American pair and negotiations have now entered a critical period.

"Talks are on-going and there's nothing on the table yet, no offer," said Cooze, the Supporters' Trust representative on the Swansea board.

"But I would imagine they would make that offer and be coming in here in the next month or so.

"If they do we'll have to cross that bridge then, but the Americans and our own shareholders know the Supporters' Trust shares are not for sale.

"They never will be and they appreciate that, and we will work with them if it (the deal) happens."

Swansea almost went bankrupt during the 2001-02 season before a supporters' buy-out of controversial Australian businessman Tony Petty rescued the club.

They were spared relegation from the Football League on the final day of the following season but Swansea have risen remarkably through the pyramid since and are currently enjoying a fourth season in the top flight of English football with Garry Monk's side settled in the top half of the table.

They are the only Premier League club part-owned by a Supporters' Trust, with a fan represented on the board, and Swansea have long been held up as an example of what can be achieved in English football without foreign investment.

But Swansea chairman Huw Jenkins hinted in November that the situation might not last when he asked whether the club could "operate in the same way for the next 10 years as it has in the past" or if "standing still and protecting what we already have is enough for us to compete in the future."

"You have to balance everything up and you can't say 'no, no, no or yes, yes, yes'," Cooze said.

"You have to weigh things up and we're a sensible organisation, we have professional advisers speaking to our lawyers and we have done our due diligence on the Americans.

"The club's lawyers are dealing with things as we speak but people here still feel they have a big part to play even if the Americans come in.

"It is only 30 per cent of the shareholding they are interested in purchasing at this present time, but the Supporters' Trust will not sell any of its shares and it will be others that get slowly diluted.

"We feel we're a community club and we don't need outside investment, individuals will say different and that's up to them.

"Good luck to them, but we feel as a body it's not right for us."

Swansea are currently in negotiations to buy the Liberty Stadium from the city council and are keen to increase the capacity of the 20,800 venue – the second smallest in the Premier League.

Plans have been approved to expand the existing capacity to 33,000 with more than 8,000 currently waiting for season tickets.

"We know we're possibly losing a generation by not expanding," Cooze said.

"We've been in the Premier League for four years and it is likely we're going to be here next season.

"We're selling out every game but those eight-year-olds when we came into the Premier League will be 13 before you know it, and the danger is they've gone to other sports and you've lost them for good."

 

25+ Channels With Sports & News
  • Starting price: $33/mo. for fubo Latino Package
  • Watch Premier League, Liga MX, MLS & World Cup
  • Includes ESPN, FOX, Univision, TUDN and more
Favorite Leagues At The Best Price
  • Starting price: $7.99/mo. for Live TV Package
  • Watch Argentine league, Brasileirāo and Copa Libertadores
  • Includes beIN SPORTS, GolTV, TyC Sports and more
Many Sports & ESPN Originals
  • Price: $6.99/mo. (or get ESPN+, Hulu & Disney+ for $13.99/mo.)
  • Features LaLiga, Bundesliga, MLS, Copa del Rey & more
  • Also includes daily ESPN FC news & highlights show
Live TV, Soccer & Originals
  • Starting price: $4.99/mo.
  • Features Champions League, Serie A, Europa League & more
  • Includes CBS, Star Trek & CBS Sports HQ
175 Premier League Games & PL TV
  • Starting price: $4.99/mo. for Peacock Premium
  • Watch 175 exclusive EPL games per season
  • Includes Premier League TV channel plus movies, TV shows & more
Get All 3 And Save 30%
  • $13.99/mo. for ESPN+, Disney+ & Hulu
  • Includes Bundesliga, LaLiga, NHL & the home to UFC
  • Features Marvel, Star Wars + shows & movies for your entire family

Leave a Reply

Translate »