Swansea City football club has been sold in its entirety to chief executive Mike Lewis, for just £1.

Former owner Ninth Floor has decided to cut its losses after the club struggled both on and off the pitch, being relegated to division three at the end of last season and having run up loans of £801,000. Last year the club lost £1.28m.

The club has been sold as an intermediary measure, with Lewis taking on the existing loans under a structure decided in negotiation with Ninth Floor.

Lewis said that he did not envisage maintaining the shareholding personally: I have no interest in retaining the shareholding, other than to formally allow it to be apportioned to new investors.