Newport County AFC - Confirmation of Preferred Bidder

We are pleased to confirm that the preferred bidder to become the new majority shareholder of Newport County AFC, recommended by the Board of Directors, is Huw Jenkins.

Huw Jenkins will be in attendance at the coming Special General Meeting of the Trust to outline his vision and plans for the football club and to answer questions from Trust members.

The second bidder is a US-based consortium of Dan Donoghue and Jon Pratt.

We are grateful to both bidders for coming forward and for the interest they have shown in our football club

We have another drop-in session in the marquee at Rodney Parade before the match this Saturday from 1.30-2.45 p.m. Do call in to meet us.

Introduction to Huw Jenkins

First involved in football club management and administration with Briton Ferry FC in the Welsh non-league pyramid
Former chairman and chief executive of Swansea City FC (2002-2019)
Extensive experience of football club management and leadership
Extensive experience of football club manager and player recruitment
Extensive contacts in the football industry
Extensive experience of the oversight of a football Academy from Category 3 (the current status of the Newport County AFC Academy) to Category 1
Awarded FC Business Football CEO of the Year by the Football Business Awards (2015)
Awarded an OBE for services to sport in Wales (2015)

New Ownership and Business Model

Our aim is to make the club a well known, respected and profitable football club
New owner to take on full responsibility for the running and financing of the club
Transfer of 52% of the shares held by the Trust for an initial investment of £500,000
New owner to make further financial investments as required
New owner to ensure strong financial management and control
New owner to direct growth in commercial income and turnover as a top priority
The continuation and growth of the Trust to be a part of our future
Will work to build a strong working relationship with The Dragons
Aim to build partnerships with the FAW, Newport City Council and local universities

Club Governance Model

New owner to lead the football club, be a figurehead and play a ‘hands on’ role
New owner to consider bringing in further investors/directors over time
New Board of Directors to include two places for the Supporters’ Trust
The Trust to retain its remaining shareholding (27%) as an important partner and work with the new owner to achieve an annual income target of £100,000 upwards
The strategy for new investment by the new owner to be agreed in partnership with the Trust
The Trust to be the voice of supporters; provide support and volunteering effort; help promote the club and build-up the supporter base; contribute financially
Further consideration to be given to bringing is as many of the shares owned by individual supporters/sponsors into the ownership of the Trust
The future financial contributions of the Trust could be ‘ring-fenced’ for the playing budget, Academy etc by agreement between the Trust and the new owner rather than contribute to the overall running costs of the football club

Football Objectives

To raise the profile and standing of the football club
To make the club competitive at League 2 level and to reach the highest level of league football possible
To improve levels of player recruitment and development from within Wales and surrounding areas
Secure a solution to a long-term and first-class training facility
To develop pathways for players to progress from the Academy to the first team; promote community engagement through youth participation in football; make a financial return through the sale of homegrown players

A Transition to the New Model

Will work with the current Board of Directors in the transition period up to taking-on full responsibility of the football club
Will work with the Trust in appointing two new directors to the Board
Will be ‘hands on’ and give the club day-to-day leadership
Will assess the needs to build good club business management and commercial management capacity as a first priority
Will be open in communications and visible on matchdays
Will oversee and work closely with the manager and his backroom team, and the management of the Academy

Conditions

Subject to the EFL approval process (‘Acquisition of Control Guidance’ – available for reference on the EFL website)
Subject to final due diligence on club finances to be completed to the satisfaction of the bidder by 31^st October (this is ongoing)
Subject to a mutually agreed Share Transfer Agreement/Contract between the Trust and the new owner
Review and agreement of Memorandum and Articles of Association for the football club to reflect the new club model and arrangements

The Future

To make the club successful, sustainable and profitable over the medium-term
To build a close partnership with the Dragons for the use and development of Rodney Parade as our current and future home
The club will be in a position where it could be passed back to the Trust as a viable and attractive proposition at some point in the future