FORMER Swansea City chairman Huw Jenkins is a frontrunner to become the new majority shareholder at Newport County AFC.
The Exiles, who have been owned by a Supporters Trust since 2015, have pencilled in special general meeting for Thursday, September 28 when a vote will be held over a change of ownership model.
County are in advanced talks with two groups of potential investors about taking a majority shareholding and will present one bidder to Trust members later this month.
READ MORE: The lowdown on the County takeover deal
The club posted a loss of £1.2million for the year ending June, 2022 and operate with losses of around £300,000 a year.
That prompted the board to explore takeover options after making it clear they believe County can no longer survive as a Trust-owned club in the Football League.
There were a number of interested parties but Jenkins, who has been doing his due diligence into the club’s finances and money owed to creditors, has long been a leading candidate as he looks to get back into professional football.
Huw Jenkins (right) with manager Bob Bradley at Rodney Parade when the pair were with Swansea in 2016 (Image: Huw Evans Agency)
He was at the helm for Swansea’s rise from nearly dropping out of the Football League in 2003 to reaching the Premier League in 2011.
The Swans enjoyed seven seasons in the top flight, won the League Cup in 2013 and played in Europe before being relegated in 2018.
Jenkins’ time at the club ended on a sour note when fans turned against him after the sale to American owners in 2016, when he stayed on as chairman until ending his 17-year period at the helm in 2019.
However, he is an experienced operator in the Football League and a familiar face, which will carry some clout when County decide which proposal to put before fans.
“The Board of Directors is in advanced negotiations with the two potential investor groups who are interested in making a significant investment in the club in return for a majority shareholding,” read a Trust statement last week.
“This is a complex process during which the Board is taking advice and guidance from the Football Supporters Association (FSA).
“We are on track to be able to present a bidder to Trust members within the month of September.”
The deal will need to be approved by 75 per cent of Trust members and even if the green light is given then the takeover will take several months to complete with EFL approval required.
The deadline to join the Trust and have a vote at the special general meeting passed on Monday.
Investors will effectively be buying a Football League place because County play at Rodney Parade, which is owned by the Dragons, and train at Spytty Park, which is owned by Newport Council.
The Trust currently own 79 per cent of shares and would no longer be entitled to a say in the running of the club.
However, the board believe that the new owner(s) will be keen to work closely with supporters and would expect the Trust to build on the current £100,000 financial contribution that it makes a year.
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