Friday 1 July 2016 17:56, UK
The Premier League has ratified the proposed deal for Steve Kaplan and Jason Levien to purchase a controlling interest in Swansea City.
The two American businessmen have purchased a 60 per cent controlling stake in the club and are expected to invest between £30m and £50m in the Liberty Stadium, training facilities and playing staff.
The duo still needed to pass the Premier League's owners' and directors' test before the takeover could be made official and they have now cleared that hurdle, although there are still a few minor loose ends to tie up.
In a joint statement issued on Friday afternoon, Kaplan and Levien said: "We are delighted that the Premier League has ratified our deal to buy a controlling interest in the club.
"We had a very positive meeting yesterday and we appreciate the fact the Premier League has moved so swiftly to give us the green light to move forward.
"There are still a few minor loose ends to tie up on the deal which we envisage will be completed before the end of the month.
"In the meantime, we are both extremely excited to be part of a new era for Swansea City and working with Huw Jenkins and the Supporters' Trust in taking the club forward."
Swansea City chairman Huw Jenkins added: "We are all extremely pleased with the outcome of the Premier League meeting.
"It will now enable us to move forward fully focussed and put everything in place for the start of another very important Premier League season.
"Everyone at the club is looking forward to working together with Steve and Jason for what will be a new and exciting chapter in the club's proud history.''
The Swansea City Supporters' Trust will remain as the second largest shareholder with 21.1 per cent.
Jenkins and vice-chairman Leigh Dineen will remain in their roles, but keep a reduced part of their holdings in the club which are 13.2 per cent and 5.3 per cent respectively.
