'A new era' - Takeover at Leeds United's Championship rivals and major cash investment before Whites clash
A takeover has been completed at a Leeds United Championship rival.
Leeds United’s Championship rivals Swansea City have new majority ownership with a major cash injection on the eve of facing the Whites.
The club have announced that chairman Andy Coleman, Brett Cravatt, Nigel Morris and Jason Cohen have purchased the remaining shares of Steve Kaplan, Jason Levien, Jake Silverstein and all their partners with Coleman continuing to lead day-to-day operations at the club.
As part of the takeover, the new ownership quartet and other partners are injecting more than £20 million into the club. Swansea say that the new funding will provide the club “an important foundation of stability, will cover the operating costs of the club for the foreseeable future, and enable strategic investments in the first team.”
Speaking to the club’s website, Swansea chairman Coleman said: "I’m very excited for Swansea City and our fans to announce this new majority ownership and new investment. This change gives us an opportunity to reset and begin a new era for this great club.
“We are building a high-performing organisation that can power sustainable and durable success. But there are no shortcuts on this journey. Football doesn’t owe us anything. We’ve got to earn our chance, and we’ve got to take it.
“There is no question that Swansea City’s best periods have come when there has been a strong connection between the club and our great fans. I’m hopeful that this reset gives us a chance to rekindle that connection, but I know we have work to do. It’s my mission to make Swansea City fans proud of their football club again.”