Swans supporters’ trust reassures members over shares sale

SWANSEA City Supporters’ Trust has moved to clarify members’ concerns over one of the clauses included in its proposed sale of shares to the football club’s majority shareholders.

The trust is in the process of working towards a deal that would see Jason Levien and Steve Kaplan, plus chairman Huw Jenkins, purchase up to half of their 21.1% stake.

The deal was presented to members during the summer and – following a consultation process – was approved via a ballot.

One of the details outlined in the summer related to the trust potentially making an investment towards improvements to the Liberty Stadium.

The football club recently completed a lease deal with Swansea Council to take over the operation of the 20,000-capacity ground. The club hierarchy has long spoken of a desire to expand and improve the ground.

At the consultation stage of the share sale, it was outlined that the trust would also be asked to consider reinvesting 20% of the money received for the shares back into the club in the event of possible future stadium expansion.

Concerns were raised at a members’ forum on Thursday evening as to whether this clause obligated the trust to invest in stadium improvements – amid fears that, were they not to do so, it would jeopardise the share sale.

However, new trust chairman Alan Lewis explained there is no obligation for the trust to reinvest 20% of what money it may have received from the majority shareholders at a particular juncture, and that – should membership reject such a proposal – it would have no retrospective impact on the share sale.

“It is independent of the overall deal,” Mr Lewis said.

“There will be two elements of it. If we sign the overall deal, it will include a clause that says at some point in the future we will be asked to consider contributing 20% towards stadium improvements.

“That could be two or three years down the line or even further. At that time, we would then consult with the members over that issue. We will not be discussing it now.

“It is on the basis that we would consider that investment and that it would be decided on by members.

“If the membership were to vote against that investment, then we would not make that contribution.

“The important thing is we would not agree to that investment without the approval of our members.”

The trust expects discussions on the legalities of the share sale to conclude in the new year.