Swansea City’s new owners have pledged to splash the cash on a summer spending spree after finally agreeing their £100million takeover.

A consortium of United States businessmen led by Jason Levien and Steve Kaplan have bought between 60 and 70 per cent of shares in the club.

Levien is managing general owner of MLS side DC United while Kaplan is executive vice-chairman of the National Basketball outfit Memphis Grizzlies.

And after seeing the Swans survive a relegation scrap last season, manager Francesco Guidolin will be handed a transfer kitty to boost the squad.

The takeover – which ended months of talks – will be formally completed when the American duo come through the Premier League owners’ and directors’ test.

Chairman Huw Jenkins will sell some of his shares but will remain in control of transfers though the Supporters’ Trust will retain its 21.1 per cent stake.

A Swans statement said: “Jason and Steve will lead an investment consortium which has acquired a controlling majority of the shares with several existing shareholders also maintaining a smaller stake in the club.

“The shareholding of the Supporters’ Trust remains unaffected.

“The agreement concludes a lengthy negotiation process and will see Huw Jenkins remain in an executive role and charged with the day-to-day running of the Club. Huw will also maintain an ownership stake in the club.”

The takeover marks the end of an era with the current regime rescuing the club in 2002 when they were in the bottom tier and overseeing a rise into the Premier League.
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