Ryan Reynolds’ Wrexham might have the Hollywood spotlight, but Welsh rivals Swansea City are stealing some star power of their 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 the middle of this year, is to join US investors Andy Coleman, Brett Cravatt, Nigel Morris and Jason Cohen in the ownership structure, Welsh media reported.
“This is an exciting opportunity. Swansea has a strong identity, an incredible fanbase, and the ambition to compete at the highest level,” Modric said in a club statement.
Photo: Reuters
“Playing at the highest level, I believe I can provide my experience to the club. My goal is to support the club’s growth in a positive way and to help to build an exciting future,” he said.
Modric’s investment comes as English Championship side Swansea navigate challenging financial waters.
They posted a pre-tax loss of ￡15.2 million (US$20.11 million) in the latest financial year — a modest improvement from their ￡17.9 million loss the previous year.
The club reported a turnover of ￡21.5 million for the year ending June 3 last year, the BBC reported.
Swansea in their financial statement 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 [English Football League] Championship in which the club currently competes, the club will continue to focus on achieving operational efficiencies,” the statement said.
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 [English] Premier League,” Swansea said they “will continue to be reliant on the support of their ownership group as the main source of funding.”
Modric’s arrival would sprinkle stardust on a Swansea side dreaming of a return to the Premier League and the treasure chest that comes with it — although that dream would have to wait.
“I am excited that Luka has come on board as an investor and co-owner,” Swansea chief executive officer Tom Gorringe said.
“His endorsement of our ambition and willingness to support us on our journey will be instrumental as we aim to continue to improve our results on and off the pitch,” he said.
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.
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