Swansea Chairman Declares “New Era” Following Ownership Transfer

The eight-year tenure of Jason Levien and Steve Kaplan at Swansea City has concluded, as they have divested their majority shareholding. The sale was made to Andy Coleman, who became Swansea chairman in May 2023 after acquiring a “significant stake” in the club, along with fellow shareholders Brett Cravatt and Nigel Morris, and businessman Jason Cohen. Levien and Kaplan, in conjunction with American Jake Silverstein and other undisclosed partners, have sold their 74.95% interest in Swansea. Chairman Coleman characterized this change in ownership as the beginning of a “new era” for the Championship club. Coleman stated that he, along with fellow Americans Cravatt and Cohen, now controls 77.4% of Swansea’s shares, while Briton Morris possesses a 14% stake. He further noted that the remaining shares are held by the Swansea City Supporters’ Trust, which maintains a protected 5% stake, and by minor shareholders including Martin Morgan and Brian Katzen. The Trust’s shareholding currently stands at 7.5%. Jason Cohen, a business associate of Brett Cravatt, is set to join the Swansea board. He will be accompanied by three additional American investors: Tyler Morse, George Popstefanov, and Chris Sznewajs. According to Coleman, this “momentous” ownership transition will result in an injection of over £20 million into the club. Coleman commented on the new partners, stating, “The new partners that I have inside of Swansea City are as fully committed as I am to helping every single day to take this club where it deserves to be.” He added, “We hopefully have the ability to reach out across the aisle to our supporters and to rebuild their trust and to work together on this fresh start here. I for one am terribly excited about what the future holds for us. I can’t wait to see where we go.” Levien and Kaplan initially acquired a controlling interest in Swansea in 2016, through a transaction that valued the club at approximately £100 million to £110 million. However, the club was relegated from the Premier League just two years later. Reports have suggested that Levien, Kaplan, and Silverstein – who invested in the Welsh club four years after the initial takeover – sold their shares for a minimal amount, with the potential for substantial additional payments if Swansea achieves promotion back to the Premier League. Coleman declined to discuss the specific terms of the takeover agreement, stating, “We don’t talk about the financials surrounding the football club. Certain details of the transaction we’re just not going to get into.” Steve Kaplan and Jason Levien were noted for their infrequent attendance at Swansea games throughout their eight-year period of leadership. Coleman confirmed that more than £20 million will be invested into Swansea, but clarified that this capital will not be allocated to a transfer market spending spree. Instead, he indicated that the funds are intended to “stabilise the business,” with an emphasis on the “long-term sustainability of the club, while not holding back on our ambition.” Coleman elaborated that Swansea is constrained by profit and sustainability rules, which dictate the spending limits for Championship clubs over a rolling three-year period, preventing the club from simply funneling money into player transfers. He informed BBC Sport Wales, “The best way to free up funds for player acquisition is to improve the business model inside the guard rails of profit and sustainability. Most clubs are restricted by that. We need to improve the economic model first so the funds we have available are able to spent.” Coleman believes that the business expertise of Cravatt, Cohen, and Morris, as well as Morse, Popstefanov, and Sznewajs, will be advantageous for Swansea. “What we now have is a really connected board and group of partners who share the same vision and love of Swansea,” Coleman remarked. He continued, “We want to build a sustainable football club that eliminates a lot of the risks of the ever-changing economics of football. And obviously I’m a dreamer by nature, we all want to get back to the Premier League, but we want to get there in the right way so that we can sustain that when we get there.” Coleman asserted that Swansea must evolve into “a Championship club not doing Championship things” to enhance its revenue streams. He also highlighted that the effectiveness of Swansea’s “player-trading model” will be a “really important component” for future advancement, with data analysis playing a crucial role alongside traditional scouting in the club’s strategy. “We have a recruitment team of 15, 16, 17 now – growing daily,” Coleman stated. “They try to give us the best opportunity to discover the next Ronald, the next Goncalo Franco, the next Eom Ji-sung, so we can get a leg-up on the competition in the Championship.” In a club statement, Brett Cravatt expressed that he was “thrilled” to be part of an “exciting new chapter” for Swansea. Cravatt stated, “Each of us in the ownership group have built and run successful businesses from the ground up. We have seen first-hand the immense value in creating the right culture led by dedicated teams making data driven choices.” Nigel Morris, a fellow director and co-founder of Capital One, conveyed his desire to ensure Swansea’s success “for generations to come.” He added, “While I’m based in the United States, my roots are in Wales and my Welsh heritage is an important part of my life.” Jason Cohen commented, “I have been fortunate to build and lead businesses that have put a high performing, entrepreneurial culture at the core of their operating models. I am looking forward to working with Andy and the team to take Swansea City to new heights.” Paul Meller, who represents the Supporters’ Trust on Swansea’s board, conveyed his “delighted” reaction to the change in ownership. The Trust subsequently declared that the takeover signifies the commencement of an “exciting new chapter,” following what it described as the “failed promises” of the past. A statement from the Trust read, “We believe it is critical that there is true local ownership and decision-making ability for the club going forward, something that has not been in place in the past seven to eight years. These years have been difficult for the club, Trust, and supporters – from the way the club was purchased and the failed promises thereafter, through relegation from the Premier League, and the past few years adjusting to the harsh financial realities of the Championship. The Trust has been at the forefront of these challenges, and we are hopeful that today marks the start of an exciting new chapter for all of those associated with Swansea City.” Meanwhile, Coleman confirmed that the search for a successor to Paul Watson, who departed from his position as Swansea’s sporting director last month, is still in progress. Regarding Watson, who faced criticism from fans during his 16-month tenure in Wales, Coleman remarked, “Look, I don’t talk on HR matters. I wish Paul nothing but the most success moving forward. I am sure he is going to do great, but we’re looking forward now and my job is getting the next sporting director, or role in that space, right so that we can be proud of that.”