Former Swansea City Chairman Huw Jenkins Takes Control of Newport County: Club Reports Nearly £1m Loss Before Takeover

Former Swansea City chairman Huw Jenkins has taken on a new challenge as the owner of Newport County, and it seems he has his work cut out for him. The League Two club has reported a loss of nearly £1m for the financial year ending June 2023, bringing their total losses to over £2m for the past two seasons.

Jenkins, who took control of Newport in January in a £500,000 deal, has acknowledged the unsustainable nature of these losses and the need for serious changes within the club. Despite an increase in turnover from £3.28m to £3.4m, operating costs remain high at £4.39m, with one of the major expenses being the costs of playing at Rodney Parade, which they share with regional rugby side Dragons.

The club’s biggest challenge lies in the 39% increase in matchday costs at the ground, with discussions ongoing for a new 10-year deal as the current agreement expires this summer. Jenkins emphasized the need to cut running costs at Rodney Parade to ensure sustainability for both Newport County and the Dragons.

While Jenkins refrained from commenting on the reasons for the losses, given that they occurred before his involvement, he remains committed to improving the financial health of the club. With some of the debt already cleared, Jenkins believes Newport is in a better position but stresses the importance of strong financial control moving forward.

As Newport County looks to navigate these financial challenges under Jenkins’ leadership, supporters will be watching closely to see how the club adapts and evolves in the coming seasons.