Swansea Sold Again

Thursday, 27 September 2001, 0:01
2 mins read

There have been stories flying around Swansea today about the club heading into receivership next Monday but what we have learnt is that the club is actually being handed back to Ninth Floor Plc on that date. This is however just a temporary measure as the club was sold from Ninth Floor to an Australian based businessman after Tuesday’s 3-3 draw with Shrewsbury.

The deal to pass the club into the hands of the Australian’s came about over a Chinese Meal after the game in the Opium Den in Castle Street. Present for the discussions were temporary chairman Mike Lewis, director Martin Burgess, Chairman of 9th Floor, Alan Wix and somebody acting on behalf of the Australian interest.

The deal was concluded there and then and Swansea City was sold for a sum we believe to be £180,000 plus payment of the debts incurred during Mike Lewis’ 11 weeks in charge which amount to over £200,000.

The players, as we know, were taken to the Vale Of Glamorgan Hotel today for training and ‘team-building’, this was to take the press away from the Vetch Field so that the finalities of the deal could be completed.

Colin Addison spent Tuesday and Wednesday evening in the Marriott Hotel in Swansea with some of the Australian party which suggests that he may well be kept on as part of the deal that sees the new owners in place.

Now onto the name of the new owner. Clouded in mystery this one but he is heavily involved in the Brisbane Lions Australian Football Team. Looking at the Brisbane Lions, their chairman is Graeme Downie. Downie has served on the board of the Lions for 9 years and was appointed chairman in February 2000. He is a chartered accountant, conducting his own specialist insolvency practice, and also is involved in the hospitality industry as Managing Director and a 50% share-holder in the Charlie’s Restaurant Group. From the list of staff and directors he seems the most logical name to associate with the club despite rumours linking their Chief Executive, Andrew Ireland with the club.

The next stage now is to hand Swansea City back to the control of 9th Floor Plc before the official handover to the Australian Investors. The staff of the club have been told today by Martin Burgess that this will happen on Monday. Naturally, this has sparked rumours of receivership but as we can see from this information this is not happening. The club will then be passed to the new owners who will be revealed to the press within a day or so of 9th Floor resuming control.

Whatever the timings of the official announcement, this is at last the news that we have been waiting for. We are unsure of the worth of the new owner, be it Mr Downie or not but at least the changeover should see the club back on a decent footing and hopefully at long last able to make some investment into what we all care about, the playing side.

The 9th Floor era and all it’s baggage is just about over and now it can surely only be onwards and upwards for Swansea City Football Club.

Images courtesy of Getty Images, Athena Picture Agency and Swansea City Football Club.
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