By Gareth James
Former Swansea City chairman Huw Jenkins has pinpointed a stable financial position as his top priority at Newport County, having completed a majority takeover of the club.
The 60-year-old has purchased 52 per cent of the club from the Supporters’ Trust after a new ownership model was approved in September.
The Exiles announced on Wednesday that Jenkins’ takeover had been sanctioned by the EFL, allowing the businessman to complete the deal.
https://twitter.com/NewportCounty/status/1750201599627047190?s=20
The confirmation comes just four days before the League Two host Manchester United in the FA Cup fourth round at a sold out Rodney Parade.
“Nothing much can be achieved in football – especially at this level – if the club is not breaking even or getting near to that – and obviously that has not been the case for the last couple of years,” he said.
“The initial challenge was to come in and try and put that right as quick as I can.
“Fighting this battle to be successful and positive in the EFL League Two is much harder when you are just fighting fires paying bills week in week out and not concentrating on the football field.
“Quickly bringing the finances to provide stability was important, but secondly providing one or two players to help the current squad move forward between now and May the 31st was important.
“Yes we will do our utmost to make sure one or two things happen between now and the first of February.
“But people must remember they have to be the right players coming into the club at the right time.”
Huw Jenkins has completed his takeover at Newport County to become the club's majority shareholder and chairman ⚽#BBCFootball pic.twitter.com/8Mpco1uUad
— BBC Sport Wales (@BBCSportWales) January 24, 2024
During his 17-year stint at Swansea, Jenkins oversaw the club reaching the Premier League, winning the League Cup and competing in Europe before departing in 2019.
The ownership change has seen Jenkins invest an initial £500,000 in return for a 52% stake, while also taking over the day-to-day running of the Rodney Parade club.
The Supporters’ Trust had been running the club since 2015 and it has been confirmed that it will retain a 27 per cent share and have two directors on the board.
A club statement added: “New board members and staff structure will be confirmed in due course and the Supporters’ Trust will continue to play a major role in the running of the club.”
https://twitter.com/BBCSportWales/status/1750262198230806930?s=20
