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Swansea City are in discussions to take control of the Liberty Stadium in a deal that might include naming rights and a possible expansion.

The club's new owners are looking to renegotiate their relationship with the stadium's owners Swansea Council, which is likely to be a leasehold at the Liberty, but may also include a long-awaited increase of its seating capacity.

Currently the lease is held by Swansea Stadium Management Company (SSMC), a limited company responsible for the day-to-day running and – crucially – commercial activities at the Liberty.

The Swans say their intention to take greater control at the Landore venue is "no secret".

It is understood that talks between the council and Swansea City over a new deal are swiftly moving forward. It is understood the Swans seek total control of the stadium operation, including stadium naming rights.

The value of the deal would depend on the detail of any agreement, including whether the stadium naming rights, which could be worth £1m annually, are included.

However, any deal is expected to be worth between £250,000 to £750,000 a year for the taxpayer.

SSMC is a joint venture agreement between Swansea Council, Swansea City FC, the Ospreys and SSMC itself and leased the stadium in 2005.

The stadium is leased to SSMC under a 50-year lease and rent payable is effectively 30 per cent of any distribution profits from SSMC, and includes a covenant for the company to keep the stadium in good and substantial repair. Responsibility for guaranteeing all losses rests with the sports clubs.

It is understood the Swans and Ospreys have already reached an agreement over the plan for the Swans to assume control of the stadium, paving the way for negotiations to progress with the council.

Under the new agreement, the SMC would be dissolved. This can only happen if all three parties agree, or if the company was to fail.

The council paid for the £27 million stadium, which opened for action in 2005.

Swansea Council Leader Rob Stewart said: "We have been talking with Swansea City Football Club about a new arrangement for some time, and those discussions have restarted since the arrival of the new American owners, which we are happy to explore.

"I don't believe the current deal is a fair one for the taxpayer, nor is it one that is sustainable in the long term. It also does not offer either of the clubs the freedom or the security they need.

"We would be happy to consider a lease or a sale. A lease will give us a guaranteed income each year which we can then invest elsewhere.

"We need a new deal."

(Image: Huw Evans Picture Agency)

A Swans spokesman said: "It is no secret that the football club has had an interest in having more direct control of the stadium.

"The general structure of the proposed new agreement would benefit all parties moving forward.

"The Swans and Ospreys have already

verbally agreed the broad terms of a new arrangement.

"We are just beginning negotiations with Swansea Council on the terms and hope to have a satisfactory outcome very soon."