BBC SPORT | SWANSEA CITY | Swansea takeover confirmed

Swansea City has been sold to businessmen behind Australian soccer club Brisbane Lions.

Temporary chairman Mike Lewis, who bought the club for �1 in July, officially handed over control of the club to Tony Petty, who is fronting the buyout for the Lions, on Wednesday.

No money has changed hands, but 42-year-old Petty has assumed responsibility for the existing �801,000 debt to previous owners Ninth Floor plc and other cash owed.

London-born Petty has held an executive position with Soccer Australia for the past 12 months and is also the former chairman of Australian National Soccer League club Brisbane Strikers.

The development of Morfa would be a huge lift for the club

Swansea new owner Tony Petty

He will now assume both roles of chairman and managing director at the Vetch.

Lions' directors Gary Wilkins and Lawrence Oudendyk joined Petty in recent visits to the Vetch and will reach a decision about their involvement within the next seven days.

Lewis has resigned from the Swansea board, but will stay on as an advisor on the proposed move to Morfa, while the other directors remain in place.

Petty said that the Morfa project was central to the future of the club and the new owners would also take a close look at the financial state of the Swans.

"The Morfa Stadium is very important to our plans. When you look at the Vetch, it is old and it's only a matter of time.

"The plans for a new 20,000 stadium in Swansea would be a huge boost for sport, including rugby."

He refused to say if a delay on the Morfa project would force the new buyers to pull out.

"I would have to talk to my Lions colleagues about that," he said.

Former chairman Mike Lewis
Mike Lewis will continue working on the Morfa development
More pressing for Petty was the amount of debt the Swans find themselves in.

"We don't see there being any problems, but we are concerned at the state of the club.

"We are not just talking about �800,000 here. I think that's why a lot of people have been frightened off doing anything about Swansea.

He added: "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.

Colin Addison and Peter Nicholas have talked to the new owners
"The Lions are willing to put money in, but they want to make sure their money's going to the future - not the past.

"The debts will be sorted out if the company is to succeed.

Petty, who was alerted to the Swansea situation by his brother-in-law who lives in Neath, said the management partnership of Colin Addison and Peter Nicholas will stay in charge and urged the fans to show patience.

"We are not going to see a massive flow of new players overnight. I have spoken to Colin and Peter and they understand the situation.

"The most important thing is that the fans stay patient and support us in numbers."

He added: "We want to fix the finances of the club and get them prepared to move forward, with a realistic chance of going up a few divisions and - the wild dream - of pushing for the Premiership."


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