| Someone’s lying on 17:26 - Dec 29 with 2491 views | Dan_Swan |
| Someone’s lying on 17:19 - Dec 29 by harryhpalmer |
who are the so-called 4 Trust Members who attended these meetings?
I assume Huw C and Phil.
Phil should also make a statement, if he is one of those.
Even if he was not, because Gonzo's comments are aimed squarely at him, because of his part in the recently formed group trying to oust him. |
Phil has responded half way down on the above link |  |
| Still following Dr's orders! |
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| Someone’s lying on 17:30 - Dec 29 with 2473 views | vetchonian |
Maybe Huw is referring to one of those bogus meetings for which he signed minutes.
I am sure Huw believes his version is correct. In reality it appears the Trust were in fact
Presented with a fete accomplis! |  |
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| Someone’s lying on 17:35 - Dec 29 with 2443 views | harryhpalmer |
| Someone’s lying on 16:44 - Dec 29 by MattG |
This is the crux. He says that all Shareholders including the Trust received the terms of the sale at the same time. What he doesn't say (and what Wathan, unsurprisingly, doesn't call him out on) is how it had got to that position of detailed terms WITHOUT the Trust being involved.
Oh, and of course there is the statement by Levien himself at the Trust forum (which Wathan was also in attendance at) that the Yanks were told by HJ himself not to involve the Trust in any discussions.
Apart from all that, it's spot on. |
It's not Watham's doing - though he could have challenged him more.
But the same piece was given to the BBC, so I presume it was a statement given either at a press conference, or in writing to journos:
read the 2nd half of this: http://www.bbc.co.uk/sport/football/42510431 | |
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| Someone’s lying on 17:45 - Dec 29 with 2380 views | Private_Partz |
Link not working. Has it been pulled in less than 5 mins? |  |
| You have mission in life to hold out your hand,
To help the other guy out,
Help your fellow man.
Stan Ridgway
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| Someone’s lying on 17:49 - Dec 29 with 2355 views | cimlajack |
| Someone’s lying on 16:44 - Dec 29 by A_Fans_Dad |
Quote from Jenkins
"“But where it’s stated things were done behind the Trust’s back are not entirely true."
So not entirely true, is that lik not being completely pregnant |
Coffee all over the place whilst reading that  | | | |
| Someone’s lying on 17:50 - Dec 29 with 2351 views | monmouth |
| Someone’s lying on 17:45 - Dec 29 by Private_Partz |
Link not working. Has it been pulled in less than 5 mins? |
Now that could be seriously embarrassing for WoL if they are trying to cover that one up. He clearly said it. |  |
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| Someone’s lying on 18:13 - Dec 29 with 2260 views | Highjack |
I can't decide if Wathan is on the payroll or just a completely incompetent journalist.
Possibly both. |  |
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Login to get fewer ads
| Someone’s lying on 18:18 - Dec 29 with 2240 views | awayjack |
| Someone’s lying on 16:42 - Dec 29 by JBT95 |
End of the day nobody on here knows how to run a football club. If they do, please make yourself known to Swansea City Association Football Club Limited. |
There are plenty that know how to run a football club better than old big nose and if you combine what Board and the yanks pay themselves, £3m would get a proper CEO and DOF not a failed roofer. |  | | |
| Someone’s lying on 18:18 - Dec 29 with 2239 views | Watchman |
| Someone’s lying on 18:13 - Dec 29 by Highjack |
I can't decide if Wathan is on the payroll or just a completely incompetent journalist.
Possibly both. |
maybe just drop the journalist bit |  |
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| Someone’s lying on 18:25 - Dec 29 with 2206 views | longlostjack |
| Someone’s lying on 18:18 - Dec 29 by Watchman |
maybe just drop the journalist bit |
Exactly. Another Wathan "exclusive". His defence for not asking any probing questions will no doubt be that he has invited the Trust to comment. Twaaaat. |  |
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| Someone’s lying on 18:36 - Dec 29 with 2160 views | monmouth |
Better take a screenshot... | |
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| Someone’s lying on 18:42 - Dec 29 with 2116 views | exhmrc1 |
| Someone’s lying on 17:45 - Dec 29 by Private_Partz |
Link not working. Has it been pulled in less than 5 mins? |
HomeSportFootballSwansea City FC
Swansea City to be taken over by American investors in stunning deal worth up to £100m
WalesOnline can reveal the details of the move by US businessmen Jason Levien and Stephen Kaplan after more than a year of talks
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ByChris WathanChief Football Writer
17:53, 9 APR 2016Updated09:25, 10 APR 2016
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Swansea City are to be taken over by American investors
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Swansea City are finalising a deal with American investors that could be worth as much as £100m, WalesOnline can reveal.
And it includes:
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inRead invented by Teads
*PLANS to push ahead with the purchase and expansion of the Liberty Stadium
*AIMS to provide finance to invest in the playing squad this summer and improve club infrastructure
*KEEPING chairman Huw Jenkins in his frontline role at the club
*PROTECTING the club’s unique set-up at Premier League level with the Supporters Trust retaining both their share and their seat on the board
It is understood secret, top-level talks have been going on for more than a year to finalise a deal that would spearhead the club’s Premier League ambitions on and off the pitch.
And it is believed the deal will see current individual shareholders sell their stakes to an American investment group who will then become majority shareholders. There are no suggestions of a leveraged buy-out with no debt attached to Swansea as a result of the deal.
Live updates as takeover deal revealed
Trust retains stake
It will see many of the board members credited with saving the club in 2002 leaving their roles, although some are expected to retain a small percentage of shares.
Crucially, the club’s Supporters Trust’s existing position will remain the same, retaining both their 21% stake and their representative on the board with the new owners keen not to lose the connection between fans and decision-makers at the highest level.
Jason Levien and Steve Kaplan (Image: Getty/Steve Kaplan/Twitter)
And Trust board members met with one of the figureheads for the American group before this afternoon’s Premier League clash with Chelsea, a move the Americans regarded as essential ahead of the deal being rubber stamped.
The investment group are being led by successful US businessmen Jason Levien and Stephen Kaplan, both of whom have an extensive sporting background with Levien Managing General Owner at Major League Soccer outfit DC United and Kaplan a shareholder in NBA franchise Memphis Grizzlies.
Kaplan and Levien background
Kaplan is part of the Oaktree Capital investment group, a global venture capitalist group with a string of blue-chip companies in their portfolio while former Harvard lecturer Levien has also held roles at the Philadelphia 76ers and the Grizzlies having brokered multi-million pound contracts as an NBA agent beforehand.
However, despite the pair’s sporting experience which they aim to utilise to aim the club’s ambitions of growth, part of the deal will see Jenkins - highly regarded by the Americans - continue in his current role as the Swans’ focal point, effectively a chief executive and sporting director.
Everything you need to know about the Swansea takeover deal
Huw Jenkins (Image: Getty)
Despite struggles on the pitch this season, Swansea have won universal praise for the manner in which they have risen from financial disaster and the brink of relegation from the Football League, their refusal to jeopardise the future of the club part of their remit but not restricting ambition.
They have done this with the Trust as part of all boardroom decisions, and it is thought the stability and structure of the Swans is a major factor behind the US group’s eagerness to invest, snubbing opportunities at rival Premier League clubs in the process.
There is still the need for the Premier League to ratify the deal — such as the need to satisfy the fit and proper persons test — but fans have been reassured the investors are eager for the club to continue in the same vein with the Trust on board and they are not about to change the careful way in which the club has been run, including on matters such as ticket prices. The Trust have long maintained they would seek to consult with their members should a takeover scenario emerge.
Infrastructure investment
The Trust have long maintained they would seek to consult with their members should a takeover scenario emerge.
However, it is thought the group have the access to funds - via direct investment rather than loans against the club - to continue the incredible strides made over the past decade and ensure that they can remain competitive in the Premier League.
Furthermore, investment is also expected to be made in the club’s infrastructure which has also made rapid progress following the build of the club’s new training ground and top-grade academy site.
Who exactly are Jason Levien and Steve Kaplan? This is what you need to know
Swansea City recently unveiled extensions to its academy
It is thought the terms are far more favourable for both the club and the Trust than those put on the table by US pair Charles Noell and John Jay Moores after negotiations over a share sale, revealed by WalesOnline in October 2014. The Trust voiced their opposition to that potential deal before talks collapsed in February the following year.
It has been an open secret that the current board and shareholders have been open to the possibility of seeking new investment after 14 years at the helm, aware that the club has reached a point where it now needs a new support to allow it to grow and take full advantage of its unprecedented elite level status.
Taking Swans to next level
Such issues have been illustrated at times this year with the money set aside to fund the academy development and the building of the first-team training ground restricting playing budget while expansion plans have been put on hold several times after plans were first mooted.
Individuals are set to benefit from the share sale having purchased original shares when the club was recovering from the Tony Petty era. It is not clear how much the US group are paying for shares, though the last offer valued the club at around £100m.
The group see their takeover as a long-term investment, with purchasing and expanding the stadium a key part of being able to grow the fan base and help boost plans of taking the club to the next level.
Read More
Swansea City takeover revelations
Terms of takeover deal change
An in-depth look at Levien and Kaplan
The fascinating views of a DC United fan
Frustration, upset, anger: Fans' meeting
Washington Post journalist on Levien
Who are the current Swansea City board?
The key questions answered
Swansea City takeover plan revealed
The club's statement
Swansea City have released this statement in response to our story: "Swansea City Football Club can confirm it is working to finalise to bring in a new majority shareholder. Board members have discussed an agreement which will see Steve Kaplan and Jason Levien and their investment group acquiring a controlling interest in the club.
Chairman Huw Jenkins and vice-chairman Leigh Dineen will remain in their management leadership roles of the club. Talks will continue with the aim of an agreement to be ratified by the end of the season.
Huw Jenkins said: "We believe we have a proposal which help Swansea City progress both on and off the field."
What the Supporters' Trust have said
Swansea City Cupporters’ Trust have issued this lengthy statement...
“The Swansea City Supporters Trust notes stories in the media this evening regarding a potential takeover of Swansea City Football Club, which is described as imminent.
“Representatives of the Supporters Trust met with the American businessman Jason Levien for the first time this morning. Mr Levien is representing a consortium of potential investors, including Steve Kaplan, who are interested in purchasing shares in the football club. This was very much a preliminary meeting and whilst constructive, it would be highly premature for us to reach any conclusion on whether such a sale on the terms proposed would be in the best interest of the football club and its supporters.
“We received assurances from Mr Levien that the consortium were keen to engage and work collaboratively with the Trust and supporters to progress the football club, but at this stage we have not had the opportunity to review in detail the terms of the proposed transaction. The Trust is disappointed that it was not provided with more time to consider the merits of the deal prior to it being made public.
“ The Supporters Trust also met with a number of the other club shareholders this morning. Following that meeting, we understand that this transaction is far from concluded and that we are not the only shareholder who has been kept at arms length from negotiations to date. The Supporters Trust can confirm that it has not in receipt of any offer from the consortium for the purchase of any of the Trust’s shares in the football club and at this stage is not anticipating any such offer to be made.
“As we made clear over a year ago when the club was last approached by potential purchasers, the Trust would need to consult its members in the event such an offer was made. As articles in the media have reported, it is common knowledge that some shareholders in the club have been actively working to identify potential purchasers for their shares in the football club.
“As an organisation — and as we talked about earlier in the week — we are aware of the need for investment in the club. The focus of the Trust continues to be representing the best interests of the football club and its supporters in any such discussions.”
“Trust Chairman Phil Sumbler commented: We have been aware of the terms of the potential deal for around two weeks. It has become apparent though that the discussions have been taking place since December and not all shareholders have been allowed to be part of those discussions. As we understood from two meetings I attended this morning we are not near the | | | |
| Someone’s lying on 18:46 - Dec 29 with 2098 views | exhmrc1 |
Here, Football Correspondent CHRIS WATHAN looks at some of the crunch questions — from both the current board and the American investment group — that all will want answers to in the coming weeks.
Is investment beyond the share sale guaranteed?
This is key to many supporters. The basic outline of the deal will see the majority of the existing shareholders — all bar the Supporters Trust — sell their shares to the US group, led by US sports executive Jason Levien and capital management firm director Steve Kaplan. Others are believed to be in the background as part of the buy-out, with the Trust revealing on Sunday that the deal would account for around 75% of the club. Some of the current Swansea board and shareholders — such as Huw Jenkins — are expected to retain a small percentage of their holding.
US investors prospective shareholding
75
%
The deal to buy shares could be worth as much as £100m, but that is thought to be simply for the shares rather than any injection of cash into the club. It is understood it will not be a leveraged buy-out and no debt will be attached to the club as part of the deal, again something fans will want guarantees on. The terms of the deal on the table is thought to include plans to invest in both playing budget and off-the-field infrastructure but fans will be keen to know this is a core part of any agreement. One of the key reasons behind current shareholders being open to selling is the belief the club needs extra investment to be able to continue to compete in the Premier League while growing the club’s fanbase. Knowing this will happen is clearly vital.
Read More
Swansea City takeover revelations
Terms of takeover deal change
An in-depth look at Levien and Kaplan
The fascinating views of a DC United fan
Frustration, upset, anger: Fans' meeting
Washington Post journalist on Levien
Who are the current Swansea City board?
The key questions answered
Swansea City takeover plan revealed
Will the Trust’s position be protected?
The plans for the new ownership structure as part of the takeover deal include the Trust, keeping their seat on the board as well as their 21% holding. It is understood that the US group have an eagerness to work with the Trust and the Trust themselves have spoken of a constructive first formal meeting with Levien prior to Saturday’s win over Chelsea and the news breaking.
The Trust met Levien prior to Saturday's win over Chelsea (Image: Alex Morton/Getty Images)
However, the Trust also voiced disappointment at what they see as a lack of time to analyse the terms of the deal. There are fears from some that the Trust may be marginalised or struggle to have their voice heard in a new boardroom with a new dynamic. While those making the deal said to want to reassure that the Trust will continue to play a vital role, a key question will be whether this is a formal part of the deal and what would happen should any future investment see new shares allocated.
Will the Swansea Way continue?
Though better known as a reference to the club’s modern playing style, the Swansea Way could also refer to the careful management of the club without restricting ambition. Factors such as escalating Premier League wage costs mean it is becoming tougher for the club to walk the tightrope with recent analysis of the accounts underlining the difficulties being faced not to risk the club’s financial health while still remaining competitive. It is thought that there are no plans to change this tact and the prospect of Huw Jenkins, Leigh Dineen and the Trust all retaining roles should offer hope that the club is continued to run in a manner that does not lead to boom or bust. A key question will be, though, what guarantees or safeguards can there be on this?
Huw Jenkins has been credited with making Swansea one of the best-run clubs around (Image: Stu Forster/Getty Images)
What are the plans for the stadium?
Part of the aims of the interested Americans are thought to include expanding the Liberty Stadium, with planning permission to add 12,000 seats to the 20,900 venue already in place. This is likely to include the full purchase of the ground, something the current board have already discussed with Swansea Council, the stadium’s owners. Again, one key question will be raised is how integral to the deal is the Liberty expansion given it is seen as a key part of being able to grow the fan base and help boost plans of taking the club to the next level. | | | |
| Someone’s lying on 19:19 - Dec 29 with 2029 views | theloneranger |
Why didn't Wathan ask Pinnochio why he and Martin Morgan sold their voting rights.... giving the Americans full control of the club when they only purchased 68%.... leaving the Trust with no power, and shares that are only worth what Jenkins, Morgan and the Americans will pay for them. |  |
| Everyday above ground ... Is a good day! 😎 |
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| Someone’s lying on 21:04 - Dec 29 with 1952 views | bonymine |
Oops ....this page has been pulled by WOL ?
Surely nothing to do with the ‘Next Level’ quotes is there ? |  |
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| Someone’s lying on 21:51 - Dec 29 with 1880 views | Dewi1jack |
According to Beaky the Trust knew about the sale in March and weren't kept in the dark about a sale completed in July.
Yet the 1st line of the WoL (published ByChris WathanChief Football Writer
17:53, 9 APR 2016 UPDATED09:25, 10 APR 2016) article states "WalesOnline can reveal the details of the move by US businessmen Jason Levien and Stephen Kaplan after more than a year of talks"
http://www.walesonline.co.uk/sport/football/football-news/swansea-city-taken-ove
I understand my maths maybe a little rusty, having not used it over Crimbo, but if the Trust knew March 2016 and the talks started prior to the 9th April 2015, I understand that is an admission that the Trust were excluded from the start of the talks.
Even though they held more shares than the majority of the sellers did.
Mmmmm.
Not sure.
But I think, IMHO, that possibly someone is being a tad untruthful |  |
| If you wake up breathing, thats a good start to your day and you'll make many thousands of people envious. |
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| Someone’s lying on 22:21 - Dec 29 with 1814 views | Swanseaman |
If the trust were not informed for up to 11 months that a large percentage of shares were being sold to the Americans (making them the majority share holders of the club).
Was there anything illegal in not informing the trust about this sale. If they were only told after the sale had been agreed and were kept out of any discussions until that time, were any laws broken... |  |
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| Someone’s lying on 22:47 - Dec 29 with 1759 views | dobjack2 |
| Someone’s lying on 21:04 - Dec 29 by bonymine |
Oops ....this page has been pulled by WOL ?
Surely nothing to do with the ‘Next Level’ quotes is there ? |
Anyone asked Watham about this on Twitter? | | | |
| Someone’s lying on 23:06 - Dec 29 with 1708 views | jacksfullaces |
| Someone’s lying on 22:47 - Dec 29 by dobjack2 |
Anyone asked Watham about this on Twitter? |
his editor and above needs to be contacted about the role he is playing here. if he doesn't show a bit more objectivity he needs to be thrown to the lions in the same way jenkins and the other sell outs will be. they can all s(t)ink into the cess pit together.
emotive, yes, but this is just the start. | | | |
| Someone’s lying on 23:12 - Dec 29 with 1680 views | monmouth |
| Someone’s lying on 23:06 - Dec 29 by jacksfullaces |
his editor and above needs to be contacted about the role he is playing here. if he doesn't show a bit more objectivity he needs to be thrown to the lions in the same way jenkins and the other sell outs will be. they can all s(t)ink into the cess pit together.
emotive, yes, but this is just the start. |
He chose his side a long time ago. As soon as he thinks the yanks have turned on Jenkins he’ll change sides because he’s not a journalist just a lickspittle crawling on his belly for whoever he thinks has the most power.
A worm. | |
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