Swansea City: Americans agree takeover of Premier League club
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?
- 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.
|Swansea City shares and shareholders|
|23.7%||Louisa Martin and Martin Morgan* (OTH Ltd)|
|21.1%||Brian Katzen and Jeffrey Crevoiserat** (Five Thirty Ltd and TLR Investments Ltd)|
|21.1%||Swansea City Supporters' Society Ltd|
|5.3%||Leigh Dineen (Bulk Vending Systems Ltd)|
|5.3%||John van Zweden (Swansea Jacks Ltd)|
|Less than 0.1%||David Morgan|
*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.