HUW Jenkins’ takeover of Newport County AFC has been completed before the money-spinning clash with Manchester United – and the new owner has already secured the club’s finances.
The former Swansea chairman’s takeover of the Exiles has been completed after being sanctioned by the English Football League.
Jenkins was given the green light by the Supporters’ Trust at a meeting in September and he has now bought 52 per cent of the club, with the Trust retaining 27 per cent.
READ MORE: Jenkins gives his backing to County boss Coughlan
County were forced to hunt investment after reporting a loss of around £1.2million for the year ending June 2022, going from net assets of £837,857 to liabilities of £393,634.
The previous board made no secret of the fact that the League Two club, who operate with structural losses of around £300,000 a year, would be in serious trouble without help and Jenkins has already steadied the finances.
“I have helped in ways to make the club more secure financially. I have had to do that and the main priority from day one is to very quickly get the club back on a better financial footing,” said the businessman from Neath.
“Nothing much can be achieved success wise in football unless the club especially at this level is either breaking even or very much near to that.
“Obviously, that has not been the case for the last couple of years at Newport County. My thoughts and initial challenge was to come in and try and put that right as quick as I can.
“Fighting this battle – I call it a battle – to be successful and positive in League Two is much harder when you are just fighting fires and paying bills week, in week out and not concentrating where you should be on the football field.”
County’s FA Cup run has already provided a timely boost with the three wins providing £213,000 in prize money while they will get a £110,000 broadcast fee for the United game, that after getting £30,000 for the Barnet replay being shown live.
Sunday’s tie will be the second sold-out clash on the spin after the 1-0 League Two win against Wrexham was played in front of a crowd of 9,537 while the next League Two fixture against Swindon will also attract a healthy attendance.
“We are certainly in a lot happier and more stable position than we were,” said Jenkins. “That is not only down to me but also the success the club has had.
“The FA Cup run has increased the support and awareness of the club and certainly helped to try and put the club quickly in a much stronger position than it was a few months ago.”
“Short-term, we can’t hide from the fact the aim is financial stability,” he continued. “Simple things like playing your bills is a priority.”
Jenkins has pledged that the Trust will continue to play a major role in the club and they will have two positions on the board.
Shaun Johnson and Paul Marks will fill those roles until elections are held and previous board members Peter Madigan, Mark Crook, Mike Everett and Bob Herrin have stood down.
“It was important to me personally that the Supporters Trust remain as prominent a fixture as it can within the Newport County set-up, taking into account all the hard work and commitment they have done over many years to keep the club going,” said Jenkins.
“To come back after being exiled and fighting their way back into the Football League, as a football story that is a miracle.
“Working with this club and those people was a fantastic opportunity to get back involved in football and do something worthwhile.
“My experience and knowledge can hopefully work in a positive way for Newport County.”
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