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Thursday, 12 July, 2001, 10:14 GMT 11:14 UK
Swansea sold for a pound
Swansea City's Vetch field
Swansea were relegated after one season in Division Two
Swansea City owners Ninth Floor plc have sold their stake in the club for one pound.

Current Swansea managing director Mike Lewis has acquired the 99.15% share on the understanding he repay loans totalling 801,098 to the company.

In the event that he sells his shareholding within the next two years, Ninth Floor plc will be entitled to 20% of any profit from the sale.

The club was put up for sale in February this year after Ninth Floor announced a pre-tax loss of 797,000 in its half-yearly report.

We no longer wished to see any more uncertainty over the future of Swansea City
Ninth Floor plc chairman Neil McClure
John Hollins' side endured a poor campaign last season and were relegated from division two, just a year after winning the third division.

Radio presenter and media tycoon Chris Evans had shown an early interest in buying the club.

Ninth Floor's joint-chairman Neil McClure said: "This is an interim step for the club.

"We no longer wished to see any more uncertainty over the future of Swansea City and as Mike Lewis' offer has been the only firm offer from the number of people we have been in discussion with about the sale of the Club, we felt it was only appropriate to assist him with the Club's purchase."

He added: "During our time in ownership of Swansea City, we have doubled the club's turnover, improved facilities at the ground and restored the club to the commercial forefront of the community, from a time when nobody wanted to do business with it."

New owner Mike Lewis said his role at this stage is purely that of a custodian.

"I have no interest in retaining my new shareholding, other than to formally allow it to be apportioned to new investors," he said.

"This has been necessary to conclude ongoing negotiations and I expect to be able to give details of these by the early part of next week."

See also:

06 Jul 01 |  Swansea City
Sale announcement expected
05 Feb 01 |  Swansea City
Swans up for sale
28 Feb 01 |  Swansea City
Evans targets struggling Swans
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