Huw Jenkins completes Newport County takeover
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Huw Jenkins spent 17 years with Swansea City
Huw Jenkins has completed his takeover at Newport County to become the club's majority shareholder and chairman.
The club's Supporters Trust' had agreed a sale to Jenkins in September.
The deal has now been sanctioned by the EFL just days before the League Two club's lucrative FA Cup tie with Manchester United.
Former Swansea City chairman Jenkins said: "The main priority from day one is to very quickly get the club back on a better financial footing."
Fans had been warned last summer they did not have the funds to cover this season's budget after losses of £1.2m the previous year.
The ownership change has seen Jenkins invest an initial £500,000 in return for a 52% stake, while also taking over the day-to-day running of the Rodney Parade club.
Jenkins says he wants the club to live within its means, and has outlined plans to increase commercial revenue, cut costs and improve relationships with their rugby landlords, the Dragons, while also saying he hoped to be able to add signings to manager Graham Coughlan's squad before the end of the transfer window.
"Nothing much can be achieved in football - especially at this level - if the club is not breaking even or getting near to that - and obviously that has not been the case for the last couple of years," he said.
"The initial challenge was to come in and try and put that right as quick as I can.
"Fighting this battle to be successful and positive in the EFL League Two is much harder when you are just fighting fires paying bills week in week out and not concentrating on the football field.
Jenkins added "he wasn't sure where the club would be" without financial assistance and that the club is in "a much stronger position" than the autumn.
Graham Coughlan celebrates Newport County's 1-0 Welsh derby win over Wrexham at Rodney Parade
He did, though, say the club's recent run to the fourth round of the FA Cup has been a significant factor and praised the work of manager Coughlan.
The club had been tipped to struggle to survive this season amid the financial difficulties, and Jenkins said: "It was a difficult period for the club on and off the field and I have nothing but respect for him and admire the great job he has done since the summer to get the club where it is today."
"Quickly bringing the finances to provide stability was important, but secondly providing one or two players to help the current squad move forward between now and May the 31st was important.
"Yes we will do our utmost to make sure one or two things happen between now and the first of February.
"But people must remember they have to be the right players coming into the club at the right time."
Jenkins says he will take an active role in the football side of the business as he returns to frontline football, five years after he stepped down from his role as chairman at Swansea having overseen the club's sale to US investors in 2016.
He spent 17 years at Swansea having been part of a local consortium that saved it from financial difficultly before going on to rise through the divisions to the Premier League and into European football.
"I looked around for some opportunities to get back into football and didn't really find much that I would jump at," he said.
"But there were two things with Newport County, firstly the unique story how the club came through all those struggles to end up where it is today.
"Then having the opportunity to join forces with the Supporters' Trust to stabilise the club and hopefully provide some hope and a better future.
"I thought that before I get too old that is something I will put all my effort into, and we will see where we go through over the next few years."
The club's Supporters' Trust - who had owned and ran the club since 2015 - will retain a 27% shareholding as part of the agreement, as well as keeping two directors on a new-look board.
The Trust's Shaun Johnson and Park Marks will serve as directors before elections are held, while Peter Madigan, Mark Crook, Mike Everett and Bob Herrin have all stood down from their roles, although the club say "they will continue to assist and advise Huw during the transition."
A statement added: "New board members and staff structure will be confirmed in due course and the Supporters' Trust will continue to play a major role in the running of the club."