Andy Coleman became Swansea chairman in May 2023, when he bought what was a described as a “significant stake” in the club [Swansea City AFC]
Jason Levien and Steve Kaplan’s eight-year spell in charge of Swansea City is over after they sold their majority shareholding to Andy Coleman, fellow shareholders Brett Cravatt and Nigel Morris and businessman Jason Cohen.
Levien and Kaplan – plus fellow American Jake Silverstein and other background partners – have offloaded their 74.95% stake in Swansea, with chairman Coleman describing the ownership change as the start of a “new era” for the Championship club.
Coleman says he and fellow Americans Cravatt and Cohen now control 77.4% of Swansea’s shares, with Briton Morris holding a 14% stake.
He says remaining shares are owned by the club’s Supporters’ Trust – which has a protected 5% stake – as well as minor shareholders including former directors Martin Morgan and Brian Katzen. The Trust shareholding now stands at 7.5%.
Cohen, a business associate of Cravatt, will join the Swansea board, along with three further American investors, Tyler Morse, George Popstefanov, and Chris Sznewajs.
Coleman says the “momentous” ownership change will see more than £20m brought into the club.
“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,” Coleman said.
“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 bought a controlling stake in Swansea in a deal that valued Swansea at around £100m to £110m in 2016, although the club was relegated from the Premier League just two years later.
There have been suggestions that Levien, Kaplan and Silverstein – who invested in the Welsh club four years later – have sold their shares for a minimal sum, with the promise of substantial further payments should Swansea return to the Premier League.
Coleman refused to discuss the terms of the takeover deal, saying: “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 (left) and Jason Levien (right) rarely attended Swansea games during their eight years in charge [Getty Images]
Coleman did confirm that more than £20m will now be brought into Swansea – but that will not prompt a spending spree in the transfer market.
Instead, he said the money will be used to “stabilise the business” with a focus on the “long-term sustainability of the club, while not holding back on our ambition”.
Coleman added that profit and sustainability rules – which set out how much a Championship club can spend in a rolling three-year period – mean Swansea cannot simply pour money into transfers.
“The best way to free up funds for player acquisition is to improve the business model inside the guard rails of profit and sustainability,” he told BBC Sport Wales.
“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 says the business backgrounds of Cravatt, Cohen and Morris, as well as Morse, Popstefanov and Sznewajs, will benefit Swansea.
“What we now have is a really connected board and group of partners who share the same vision and love of Swansea,” Coleman said.
“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 said Swansea must become “a Championship club not doing Championship things” to increase revenue.
He added that the success of Swansea’s “player-trading model” will be a “really important component” in any future progress, with data analysis a key aspect of the club’s approach alongside scouting.
“We have a recruitment team of 15, 16, 17 now – growing daily,” Coleman said.
“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 statement issued by the club, Cravatt said he was “thrilled” to be involved in an “exciting new chapter” for Swansea.
“Each of us in the ownership group have built and run successful businesses from the ground up,” he said.
“We have seen first-hand the immense value in creating the right culture led by dedicated teams making data driven choices.”
Fellow director Morris, the co-founder of Capital One, said he wanted to ensure Swansea are successful “for generations to come”.
“While I’m based in the United States, my roots are in Wales and my Welsh heritage is an important part of my life,” he added.
Cohen said: “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, said he was “delighted” by the ownership change.
The Trust went on to say the takeover represents the beginning of an “exciting new chapter” following the “failed promises” of the past.
“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,” a statement read.
“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.”
On Watson, who was criticised by fans during his 16-month spell in Wales, Coleman added: “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.”
