Newport County: Supporters' Trust members back ex-Swans chief Huw Jenkins to take over
- Published
Huw Jenkins was chairman of Swansea City from January 2002 until February 2019
Former Swansea City chairman Huw Jenkins has been backed to take over Newport County by the League Two club's fans.
Backing from Newport County Supporters' Trust members passed their 75% threshold at a Rodney Parade meeting.
The deal, which will see Jenkins make an initial £500,000 investment in return for a 52% stake, must be approved by the Football League (EFL).
The Trust had owned and run the club since 2015.
In the vote 464 members took part with 455 backing Jenkins' proposals, eight dissenting, while one ballot paper was spoiled.
The 60-year-old businessman's offer - which included him taking full responsibility for the running and financing of the club in a "hands-on" role - was chosen ahead of a bid from a US-based consortium including Dan Donoghue and current Newport director Jon Pratt.
Trust members currently hold a 79% stake in the club.
Neath-born businessman Jenkins has pledged the Trust will maintain two directors on the Exiles' board as well as retaining a 27% share.
Following the vote at a packed Bisley Suite at Rodney Parade, the process could take a further two months to complete given with EFL approval a requirement and Jenkins needing to complete due diligence.
Details given to supporters also stated further investment could follow the initial injection of cash.
The trust stated: "Huw Jenkins will now work with the board of directors on a transfer agreement for his shareholding, and with the EFL on their acquisitions procedure for new owners.
"Huw Jenkins will begin to work with the board, behind the scenes, in readiness for his tenure as new owner of Newport County AFC."
Jenkins, who oversaw Swansea's rise from the bottom division to European football, presented his bid to members of the club's supporters' trust in a special general meeting on Thursday 28 September.
Details of the proposal given to Trust members also included:
The Trust would retain 27% shareholding in the club and two places on the board with the aim of raising an extra £100,000 a year in return.
The potential of further investors or directors to be brought in with the agreement of the Trust.
If the deal succeeds it would mark the return of Jenkins to a senior football role for the first time since resigning as Swansea chairman in 2019 following 17 years at the helm.
The period saw Swansea win four promotions and the League Cup, with Jenkins earning widespread praise for his role.
Part of a local group that rescued Swansea in 2002, Jenkins cashed in on some of his shares in a controversial takeover by an American consortium in 2016.
The Exiles have been seeking a cash boost from new investors after posting losses of £1.2m in their most recent accounts.
Fans had been warned they faced an "urgency to secure the financial future for 2023-24 and the longer term", external and could have to find £500,000 to fund ongoing losses and pay creditors.
The proposals also mention improvements to recruitment - an area in which Jenkins won praise for at Swansea - as well as looking to secure "a solution to a long-term and first-class training facility".
Colin Everett is a former Newport director and Trust member who led the search for a buyer and acted as a mediator in the bidding process.
Everett feared Newport would have been in "chaos" had fans voted against preferred bidder Jenkins.
"I was very, very confident, but you always have the anxiety that it might not happen as planned," said Everett.
"I really was worried about what would happen next (if the bid had been rejected). We would have been in chaos if this had not happened.
"Now we have leadership. I am just excited, relieved and looking forward to a good night's sleep."
He added: "He (Jenkins) is absolutely the right fit for us. He is keen and hungry to get back into football. He is fairly local. His knowledge, experience and contacts are superb.
"I do want to credit the other bidding group, John and Dan from the USA, who I have really enjoyed working with.
"They were really committed to the club and still are. It wasn't about winning or losing, it is about the right fit at this point in time and I think the way Huw addressed the fans, they warmed to him and proved the fit is a mutual one."
Everett is now eager for Jenkins to meet manager Graham Coughlan and said: "We have all talked about the financial challenge.
"Huw's initial cash injection will make a big positive dent in that and I know he will work hard to begin to grow revenue and get on top of the finances. So that is a grind, a task you have to do.
"I think we are in a fairly good place in the league (15th) though I know we are worried about the number of injuries.
"But it is all going to be about success on the field. I think it's about how he (Jenkins) introduces himself to the manager and works with the manager and builds that real leadership rapport because we have not had a board chairman for months or a club chief executive.
"Huw is quite dynamic, so its about those two things - synchronising the finances very quickly, but then working with the manager for what is going to be - as Huw said - the new Newport County footballing philosophy."