Swansea City is pleased to confirm that it has now officially taken full operational control of the Liberty Stadium.

The club signed a new long-term lease agreement with Swansea Council today after concluding successful talks with the authority and the Ospreys, who will continue to play at the Liberty.

The new deal sees the Swans take sole control of the Stadium Management Company and all stadium matters moving forward.

Majority shareholders Steve Kaplan and Jason Levien expressed their delight at the agreement which would put the club firmly in control of its own destiny - on and off the pitch.

“This is a tremendous achievement and one the club has been working towards for many months,’’ explained Kaplan.

"This deal is a hugely important step towards the sustainability of Swansea City Football Club and certainly begins a pathway to stadium expansion, which we have always said was a key part of our plan for the club."

Levien added: "I'd like to pay tribute to Chris Pearlman and everybody at the club who have worked tirelessly in getting this deal over the line.

"This is the realisation of months of planning and work that allows the football club to take control of its destiny. We want to give Swansea City the greatest chance of success and the option to potentially expand and allow more people the ability to come to games is a major leap towards that goal."

Chris Pearlman, Swansea City’s Chief Operating Officer, said: "We believe this agreement will help push the club forward by tapping into new revenue streams at the stadium.

“It will now allow us to be more active in exploring the likes of stadium expansion, naming rights, sponsorship, catering revenue and enhancing supporters’ matchday experiences.”

A unique component of the new arrangement is a commitment by the football club to fund the construction of two new 3G pitches in Swansea every five years for community use. Now that the agreement is in place the club will begin to focus on moving this initiative forward.

Rob Stewart, Council Leader, said: “This is great news for all concerned. For the first time the council tax payers of Swansea will see a return on the investment they made in the Liberty Stadium.

“This is a deal that benefits the Swans, Ospreys and the Council. It provides the Swans with the freedom to commercialise the stadium, while the council tax payers who will not only receive an income, but also additional money from any stadium naming rights, plus the provision of new 3G pitches across the authority.”