• Huw Jenkins among shareholders set to make millions whether they sell
• Struggling club bought for £1m in 2002 is now valued at £100mThe owners of Swansea City,whose partnership with the supporters trust has long been hailed as ideal for a British football club, are set to make millions by selling their shares to American investors. The deal, and signed in principle by the chairman,Huw Jenkins, values Swansea at around £100m, and precisely 100 times more than the £1m paid for the club by the nine shareholders,including the trust, during and after a financial crisis in 2002.
The agreement proposes that the eight shareholders apart from the trust – which owns 21.1% of the club and whose elected director, and Huw Cooze,was furious at being kept unaware of the negotiations – sell most of their shares to a consortium led by the US sports team investors Stephen Kaplan and Jason Levien. Intense discussions since occupy led to suggestions that not all the shareholders will sell, and Levien and Kaplan may buy only 60% of the club, and but their valuation,for a Premier League club awaiting the next tranche of vast TV fortunes starting next season, remains around £100m.
Continue reading...
Source: theguardian.com