Michael ReevesBrett Cravatt was confirmed as a new director of Swansea City yesterday but with no obvious investment into the club itself we can only assume that the investment is into the LLC.
It was only Monday this week that we talked about investment into the club and the need for answers but the arrival of Cravatt – long since reported on – has just added to the questions and maybe not least because of some of the words he used himself to hail his arrival as a director.
“Thank you to all of the supporters and the people at the club for providing me with this incredible opportunity,” said the latest addition to the Swansea City board. “I would also like to thank Andy Coleman, Jason Levien, Jake Silverstein and Steve Kaplan for working with me through this process.”
In itself none of those words should ring many alarm bells but there was no mention at all of the summer’s other new investor in Nigel Morris. The difference between Morris and Coleman and Cravatt it seems is that Morris has made his own investment into the club in return for his own shareholding. The other two appear – at least for now – to have invested into the holding company of the club which will have the only impact to reduce the shareholding of each of the component parts of the investment. The difference, as far as the impact on the club, is quite big.
It may well be that at some stage post the window that the filings on companies house change but the lack of transparency and the ease at which the Trust accept the position is quite alarming. It seems that its a case of hide behind confidentiality statements until such time that the owners tell them what to say. That may feel harsh but to the average fan that is exactly how it feels.
Their email to members last night confirmed the status as they see it “In addition, The Trust understands that the new investment funds are being made available to the club to meet its needs over the coming season. Whilst the exact structure of this investment is undisclosed at present, we are told that once the transfer window closes, the club intends to release communications in which it more fully explains the current ownership structure.”
It was believed that the investment of Morris (he purchased just under 20% of the club) would at least be matched, if not exceeded, by Cravatt and whilst that could very much still be the case it is the smoke and mirrors nature of the investment that keeps the questions coming and ignites the inquisitive nature of the club ownership that has always existed and led to the formation of the Supporters Trust in the first place.
If the Trust email is correct and a clearer picture of the ownership position is to be seen post the window then we await that moment but the reality is there should be no difference between doing it now and then no matter how much it is being suggested that it is to protect our bargaining power in the window itself.
The make up of the LLC has never been clarified and, seemingly, never will. The fact that we still ask questions seven years later and never get answers tells you all that we need to know. We can only hope that the investment of Cravatt is done for the long term benefit of the football club and not the immediate benefit of those who control the LLC.
Time will, as ever, tell.
They might not want to disclose any investment as it may drive up the amount other clubs are asking for any transfer targets??
Sorry but that just would never happen – that is just a reason given by those who are happy with the lack of transparency that has been in place from day 1
So, we’re exceeding all expectations in the transfer market so far – quality, quantity, $value.
We’ve shipped out a dodgy manager and replaced him with a proper manager; we’ve retained Josh M and added Watson; we’ve announced a proper Operating Partner/ Chairman and shipped out Winter; we’ve announced new directors and significant new $ money is pumped in.
And some fans still aren’t satisfied ?
Wake up and smell the daffs, boyos.
How much new money has been pumped in by Coleman and Cravatt Chuck?
You’ll have to wait and see.
How about for now we just all pretend nothing’s been invested, not a dime.
And our acquisitions to date and the many more in the pipeline are on the never-never.
That better, folks ?
So in other words Chuck you don’t know. Yet you were happy to reference “significant new money” yet you don’t know.
The reality is there has been some money changing hands but outside of Morris nobody knows how much or how much actually benefits the football club. Bury your head in the sand if you want but that is generally the way that problems occur. We – as fans – are better than that.
Now if you are right and we are all of a sudden cash rich then great but we have no evidence to suggest it is anywhere near that.
Russell Martin a dodgy Manager …I don`t think so….He left purely as a consequence of not being comfortable in what is
happening behind the scenes !…Interesting times
Well I’m one boyo who is not convinced. There are questions to be answered.
A lot of the secrecy is to maintain competitive advantage if we are broke other clubs will wait to milk us at the death of the transfer window. If we are rich clubs will expect more money for their transfers, so we have to strike a balance. Some of our transfers have come out of the blue so we seem to be maintaining this comparative advantage . We all frustratingly want to know what’s happening ,but so far no complaints on appointments and signings .perhaps we should do a documentary welcome to Cwmrhyyceiro then we can relax
Anyone else just feel unvomfortable with all of this?
As regards the new players that have come in the sale of Piroe will more than cover the costs
I agree entirely with the concerned doubters in this thread. The lack of clarity around ownership of the club remains an on-going concern which could have been easily dealt with open and transparent statements made by the all individuals involved. But this the way the American ownership have been since Jenkins, Morgans and Co disgracefully sold the soul of the club to them.
This though does not let the Trust off lightly – for there is no good reason why they could not have been diligently and determinedly pursuing the majority owners for answers. One clue to the Trust’s weak-kneed approach is Trust’s chairman’s continued use of the adjective ‘delighted’ in written statements concerning new announcements relating to Coleman, Morris and now Cravatt. This indicates a personally subservient attitude, overly impressed with typical empty American verbosity. To the Trust chairman – get these Americans to prove their worth to the club through their actions not their words before you declare on behalf of Trust members that you are ‘delighted’. Hold these owners to account. The start you need to make is to not accept anything less than transparent and evidenced-based statements from the owners.
It remains striking from an ownership ‘motivation’ perspective that this week’s 2.5m player purchase is the biggest single player investment made by the owners since relegation, and that in total over the same period over 115m in player sales with a total of just 15.8m incoming (not including the sale of Obafemi and purchase of Yates); that ambition on the pitch has not been the owners top priority – and probably never was once relegation occurred.
Lets hope that Coleman, Morris and Cravett are able to set a new and far more ambitious direction for the club, but they will need to start by being transparent and Trust needs to hold them to account so they feel obliged to do so.
Interesting points Huw and well written, thank you for sharing.
The Trust are basically puppies of the current board. The Supporter Director resigned from the Trust board previously when denied a seat in the directors box with her son and has about as much ability to challenge these people on their decisions as I do to outplay Lionel Messi at the height of his career. The organisation set up by such pure gents as Richard Lilicrap and Mike Kent has desceneded into nothing more than a supporters club ably demonstrated by the fact they spend more time worrying about their splinter supporter groups rather than governance.
Each statement is written by someone who is afraod to disagree with anything the club does and there is no doubt that all Trust statements are approved by the club before issue. Its pathetic.
The fact that any of the current board can actually stand up and face any members is a shambles but none of them will actually stand down for fear of losing their benefits in the directors box and the ability to call the manager “Michael”
Dave Dalton, Sian Davies, that Rupert bloke and Chris Colledge should all stand down with immediate effect but then again they should have done for going against the wishes of their members and they have been walked over by the ownership since then.
I stopped joining several years ago and will never join again for this reason
Just another sucker on the vine
Bring back Phil Sumbler !!