Shares worth £6m have been issued to Swansea City's ownership group as loan notes in the club are set to be converted into equity.
Jake Silverstein issued a significant loan to the club in 2020 and was subsequently appointed as a director at Swansea, with the American making numerous trips to south Wales in recent years to address a range of club matters.
And the loan notes held by Silverstein, Steve Kaplan and Jason Levien are now due to be converted into equity as part of an agreement that has been in place since Silverstein became involved in the club.
The Supporters' Trust confirmed they were aware of the impending conversion - which they state is "part of the ongoing push to ensure the club is financially sustainable".
The agreement means the Supporters' Trust shareholding will drop from 16 per cent to 13.1 per cent, although the club's debt has subsequently been reduced.
A statement from the Supporters' Trust read: "The day-to-day influence of the Trust, and the strong relationships formed with the senior management team within the club, will not be affected by this change.
"In the months since dilution first occurred, we have not seen any decline in our standing amongst, or relationship with, the majority owners or the senior management team at the club."
It went on to add: "We recognise the ongoing efforts to make the club more financially sustainable, but also know that there is more to do in this regard.
"The Trust has been open to investment in the football club but has stated previously that we would like any further investment to be focussed on improving the playing squad or the infrastructure. Creating a more sustainable financial model where outgoings are matched by revenue is vital to do that.
"We continue to discuss financial sustainability with the majority owners and the club’s senior management team and are happy with the level of information that is being shared on both subjects on a regular basis.
"The Government’s recent announcement that it will set up an independent regulator, as well as the ongoing discussions between the Premier League and EFL over rights distribution are important steps forward in the protection of football clubs, especially those in the EFL pyramid.
"We fully back the establishment of this new regulator, and will continue to support it through our involvement with the Football Supporters’ Association (FSA)."
The Trust went on to state they hoped the investment would be focussed on "improving the playing squad or infrastructure" but conceded "the club needs to become more financially sustainable to do that".
The Supporters' Trust state their shareholding can't be diluted below five per cent as part of the agreement it reached with the club's ownership group, unless it agrees to sell their stake.
Loan notes in the club worth £10m were converted into equity in 2022 while the latest sum of £6m will bring the total investment into the club since Silverstein's involvement two-and-a-half years ago to £16m, a figure confirmed by the American himself in his joint-interview with Levien following the January transfer window. (You can read the key topics from that interview here.)
Levien and Kaplan took control of the Swans in the summer of 2016, purchasing a 68 per cent stake in the club for around £100m.
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