The Athletic's Midlands and West football man, and Swansea City ST holder, Stuart James talks to Seb Stafford-Bloor about the Rise and Fall of Swansea City. Really worth a listen.
Very enlightening & emphasises for me the need for the Trust & would encourage others to join. It costs very little & you don't have to do anything except be a part of an organisation that is trying to safe-guard the club for the supporters. You will be there when needed & they can show a high level of support from the supporters, in any situation, which is a lever.
I wouldn't say it was enlightening most of the stuff we have heard before but Stuart James put the story over very well, he mentioned membership of the Trust to be something like (only) 2,000, actually, its 1,500, and has been similar since the start. We all have our opinions on direction but when the chips are down, they put their heads above the parapet to get shot at, we really do need to be as one and get behind the organisation.
This was an excellent podcast.
Stuart's point that Potter and Cooper have covered a multitude of sins from the owners, and that eventually they will be found out, was spot on.
They will pay the consequences for the way they run the club, eventually.
The consequences will be is that they havn't made as much money as they should have, but nevertheless will walk away with a profit in their bank accounts. When that will be will no doubt be decided next May.
Don't doubt that for a second Colin.
What I was getting at, and Stuart probably meant, is that they are very lucky that the club isn't already in League 1, but make no mistake that is where we will end up eventually the way they run things.
There's more chance of us going down than there is of going up. Everything Potter and Cooper achieve is in spite of their nonsense, but you can't expect indefinite miracles. It doesn't work like that. Don't think they know it though.
Disagree Gary, we are near the top for a reason and our style will keep us there, or there abouts, the owners are not saddling us with debt, investment is a double edged sword, if they invest, they will want a return or more likely, equity which will dilute the Trust.
I'm not going into bat for them, I am just putting over an alternative point of view.
they have already diluted the Trust by doing the loan to equity deal with Silverstein.
What “equity” does he get
it wasnt specified, and it is up to him whether he wants to convert the loan to equity. I'd guess if we were promoted (unless there is a time limit), he'd would exercise that right.
The same with any other loans from the current owners.
The make up of the shareholding is Trust 21%, Kaplan 15%, Levien 15%, unnamed others 38% Jenkins 5%, Morgan 5%, Katzen 1%.
If Silerstien has put in £10m which can be turned into equity at a later date, shares have plummeted and will be far more favourable than 2016 prices.
£10m will buy you a large chunk of shares, it will dilute all unless shareholders keep pace with cash injections, good in one way but Trust will struggle.
and the Trust have acknowledged that. hence why they need to get out now at the original selling price. the takeover, and subsequent relegation has devalued their stake.
How do you know that Kaplan and Levien have those percentages ?
I don't, but that's what's been reported
I agree with that Mark, you don't need me to tell you that it won't be easy, the law is an ass, a court case could go either way. Lets just assume that its a win for the Trust, this may not come to court until 2022 with legal delays and Covid, then there will be appeal after appeal, the Americans won't give up £21m lightly, so that could take another 5 years. A legal wrangle that takes 10 years would hurt Swansea City, and that's my concern.
There was a vote in August 2017 to accept selling up to half of the Trust's shares, this deal hadn't been signed off by December, it should have been. By this time, we were in serious danger of relegation, the Americans got cold feet and pulled out, that was our chance, missed. That money would have given the Trust breathing space and funds to keep pace, if it so wished. Swansea City would have been better off and that's what we should all be concerned with.