Ryan Reynolds’ Wrexham may have the Hollywood spotlight, but Welsh rivals Swansea City is stealing some star power of its own with Real Madrid maestro Luka Modric poised to make his first move into club ownership with a minority stake.
The 39-year-old Croatia midfielder, whose contract at the Spanish giants runs until mid-2025, will join American investors Andy Coleman, Brett Cravatt, Nigel Morris and Jason Cohen in the ownership structure, according to Welsh media reports.
Modric’s investment comes as Championship side Swansea navigate challenging financial waters.
It posted a pre-tax loss of 15.2 million pounds ($20.04 million) in the latest financial year – a modest improvement from their 17.9 million loss the previous year.
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The club reported a turnover of 21.5 million pounds for the year ending June 30, 2024, the BBC reported.
In its financial statement, Swansea referred to the harsh economic realities of England’s second tier.
“The board acknowledges that whilst the magnitude of the operational loss is a product of the highly competitive environment within the EFL Championship in which the club currently competes, the club will continue to focus on achieving operational efficiencies,” the statement read.
With significant costs associated with maintaining a stadium and two training facilities, and without “any immediate prospect of a redistribution agreement between the EFL and the Premier League,” Swansea noted they “will continue to be reliant on the support of their ownership group as the main source of funding.”
Modric’s arrival will sprinkle stardust on a Swansea side dreaming of a return to the Premier League and the treasure chest that comes with it — though that dream will have to wait.
The Swans are marooned in mid-table, 12th in the 24-team Championship, with 54 points to their name — a distant 34 behind pacesetters Leeds United and Burnley, who are locked at the top on 88 with just four games to play.
Content Source: sportstar.thehindu.com