Swansea City: Americans agree takeover of Premier League club

Jason Levien is managing general partner of Major League Soccer side DC United

The American takeover of Swansea City worth about £100m has been completed, subject to Premier League approval.

Jason Levien and Steve Kaplan, experienced in running US sports teams, lead a consortium which has bought a controlling stake of 60% in the club.

They must pass the league's test for prospective owners to make it official.

"Both see the takeover of Swansea City as an exciting opportunity for long-term growth in the club in every area," the club said in a statement.

BBC Wales Sport revealed in April which of Swansea's directors would be selling all - or part - of their shares.

With the club now valued at about £100m, shares are believed to have increased tenfold in worth since the current board took charge in 2002.

What will happen to the remaining shareholders?

Chairman Huw Jenkins has helped Swansea become a stable Premier League club since promotion in 2011

• Swansea City Supporters' Trust, which has a representative on the board, will retain its full 21.1% stake.

• Chairman Huw Jenkins and vice-chairman Leigh Dineen, who will stay in their roles, will keep a reduced part of their current holdings, which are 13.2% and 5.3% respectively.

• Hotelier Martin Morgan and wife Louisa hold the biggest stake in the Swans - 23.7% in the name of their company OTH Limited - though those shares could be divided and a small amount retained.

• South Africa-born businessman Brian Katzen - who was part of the consortium which helped save the club in 2002 - will sell most of the 21.1% stake he has with business partner Jeffrey Crevoiserat.

• Rob Davies, who ran Liberty Properties - title sponsors of the club's stadium - will sell his 10.5% holding, while Dutch businessman John van Zweden, who owns 5.3%, will also sell up.

Levien is the managing general partner of Major League Soccer side DC United, while Kaplan is principal of Oaktree Capital investment fund and vice-chairman of NBA franchise Memphis Grizzlies.

They are understood to be keen to buy Swansea's home ground, Liberty Stadium, which is owned by the local council, with a view to increasing its capacity.

Levien and Kaplan had initially been negotiating a deal which would have seen them acquire more than 75% of Swansea's shares, effectively giving the American consortium complete control, including the power to issue more shares.

However, the modified acquisition of 60% will see the trust retain its 21.1% stake and ensure continuity at board level with the retention of Jenkins and Dineen.

Swansea will be based in Washington DC, home of Levien's DC United, for their pre-season tour to the USA in July.

*Martin Morgan resigned from his post as a director of OTH Ltd on 4 April 2016

**Brian Katzen and Jeffrey Crevoiserat own one more share than the Swansea City Supporters' Trust, giving them less than 0.1% more of a share.