Tony Petty was in charge of Swansea for just three months
Swansea City marked the seventh anniversary of the ousting of controversial owner Tony Petty by knocking FA Cup holders Portsmouth out of the FA Cup.
The Australian-based businessman's turbulent three-month spell in charge almost brought the club to its knees.
Supporters took to the streets in protest against Petty's running of the club.
He riled fans by attempting to sack seven players and two coaches to cut costs at the struggling side who were then in Division Three (now known as League Two) - only to be thwarted by the Professional Footballers' Association.
A local consortium later battled to gain control of the club and eventually succeeded at 2255 GMT on 24 January, 2002 - reportedly 24 hours before the club was set to go out of business.
Now Swansea have built a structure that has put them on a sound financial footing and are pushing for a play-off place in the Championship under the guidance of manager Roberto Martinez.
"Those seven years seem like 40,'' said Swans chairman Huw Jenkins.
"It's been very, very hard work to get where we are today and a lot of people can be very proud of what they have achieved.
"At the moment all that hard works seems worthwhile. We will be travelling to Porstmouth for an FA Cup tie with the club also competing well in the Championship.
"But we still have years of hard work ahead of us to get where we want to be - that's the club competing at the top level and still financially stable.
"We can't afford to rest on the laurels of the last seven years.
"We need to work hard for the next seven years to make sure the club is not only up there competing with the very best, but also able to stay there."
Petty bought the club from acting chairman Mike Lewis for £1 on 3 October, 2001, assuming responsibility for the existing £801,000 debt to previous owners Ninth Floor plc and other cash owed.
Fans took their protests against Petty on to the streets of Swansea
On his arrival, Petty said: "We are talking substantial debts. I wouldn't like to go into detail, but they are substantial.
"The main issue is that Swansea City Football Club must survive and we will do whatever it takes to make sure it does.
"We are not the white knights with the huge chequebooks and just write our way out of trouble with cheques."
It was obvious the debt had to be reduced, but no-one could imagine what was to happen over the next three months.
Seven players were told their contracts were being ripped up, while another eight were told to take 70% pay cuts or a free transfer, and two members of the coaching staff departed.
Prize asset Stuart Roberts was later sold for a cut-price £100,000 to Wycombe Wanderers.
Director Mel Nurse quit the club at the beginning of November and supporters took to the streets in protest at the way Petty was trying to run the club.
The Swans' old Vetch Field home was known for creating a hostile atmosphere, but as a long-time follower of the Swans' fortunes, I had not experienced one as hostile as the league game with Rushden & Diamonds.
The match itself was a sideshow as supporters constantly protested against Petty, who left midway through the second half surrounded by security.
Former chairman Mike Lewis was also attacked in the supporters' bar after the game.
More drama was to follow as the players were told on Christmas Eve they would not be getting paid and a transfer embargo was slapped on the club.
During all of this, Nurse bought up the club's £801,000 debts to former owners Ninth Floor in a bid to gain the upper hand over Petty.
He subsequently petitioned at the High Court for an administrator to oversee the club's future.
In January 2002, Petty warned that the Swans were "very close now to the end of the road".
But a local consortium headed by Nurse bought the club for an undisclosed sum.
Supporters invaded the pitch after the Rushden & Diamonds game
Current non-executive director Steve Penny still remembers the day he made the trip to Cardiff to seal the takeover.
"They were worrying times,'' said Penny.
"I always thought we would get something agreed with Mr Petty, but everything seemed to change on a daily basis.
"I can still remember driving to the Copthorne Hotel in Cardiff with funds in a Tesco carrier bag to meet him.
"We finally got the deal agreed on the stroke of midnight and it was a huge relief.''
The Swans were 18th in the old Division Three at the time and on the brink of extinction before a company voluntary agreement was struck.
A battle against relegation from the Football League took place the following season ending in a 4-2 final day win over Hull on the last day of the campaign.
The club have not looked back since then winning two promotions and moving to a new 20,000-seater home.
And there was no better way to mark the ousting of Petty on Saturday, than by beating of FA Cup holders Portsmouth 2-0 in the fourth round at Fratton Park.
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