Swansea lead the Championship having not had a better start to a season since 2005 [Huw Evans Picture Agency]
Swansea City's flame burned brightly in the Premier League.
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Whether it was Michu, Michael Laudrup, League Cup wins, European nights or simply the stylish brand of football, they packed a lot into seven seasons.
And then it was gone.
Eight years have now passed since a relegation that brought with it a tightening of belts and a lowering of expectations. Ambition replaced by apathy.
But something is flickering in south Wales.
Swansea lead the Championship as it returns from the international break,
And there is a growing sense that a club once renowned for 'The Swansea Way' are heading in the right direction once again.
"You can see the ambition and the ideas are there," says Steve Carroll, editor of the fanzine Swansea Oh Swansea. "People are talking about us in a positive way again."
From Snoop Dogg and Luka Modric, to borrowing Brighton's transfer model and a manager moulded by Jurgen Klopp, this is how they've done it.
From disconnect to direction
Swansea majority shareholder Brett Cravatt, pictured here with Scott Hochstadt - founder of the US Legends clothing brand who have worked with Swansea [Huw Evans Picture Agency]
Swansea's relegation hangover has taken a while to clear.
Having been taken over by American businessmen before dropping out of the Premier League, there was little sign of spending their way back to the top.
When exciting talent was unearthed – whether homegrown or bought in – they were invariably sold on to balance the books.
While the likes of Joe Rodon, Oli McBurnie, Dan James and more moved on and up, Swansea would take a step back for every step forward.
"As soon as we could get excited and find ourselves in a reasonable position, then we'd sell a player and it wouldn't be invested back into the squad," adds Carroll.
"Fans would get fed up and the disconnect would come back, and we'd start again."
It took its toll on a string of managers, from Graham Potter, to Steve Cooper and Russell Martin.
There was understandable cynicism, then, when new American ownership arrived in late 2024, promising to review how the club was run.
And while they haven't said much since – showing up in local pubs on matchdays but shying away from interviews - they haven't needed to.
"To be fair, they've delivered," says Carroll of US tech and marketing entrepreneurs Brett Cravatt and Jason Cohen.
"When we'd get updates from the last owners, it felt as if we were being gaslighted. Now we can see clearly the ambition."
The pair remain based in the States - chief executive Tom Gorringe the decision-maker on the ground - but aren't hands-off owners, clear with their messaging and plans.
Plans that included the investment that first stabilised finances and then green-lit the biggest squad-spending since relegation.
It hasn't stopped there, with the club set to purchase the Swansea.Com Stadium from the local council and plans at an advanced stage to restore the club's academy to top-tier status, as well as further investment into the club's women's team.
'Excpetional' Matos who impressed Modric
Vitor Matos worked closely with Jurgen Klopp at Liverpool before leaving to work as Pep Lijnders' assistant at RB Salzburg [Getty Images]
It has been a slow rebirth.
"There was a time where I would watch Swansea and I wasn't quite sure what they were, whether that was what I saw on the pitch or the players they were bringing in," former Reading midfielder Jobi McAnuff recently told the 72+ podcast.
The seven million views of a Swansea goal in the win over Watford in September on one social media platform alone suggests the eye-pleasing identify has returned.
It is what head coach Vitor Matos promised when he was headhunted for the role 11 months ago, despite boasting just 12 games as a frontline boss with Portuguese second division side Maritimo.
Worryingly close to the relegation places in November 2025, Swansea used data to identify the individual they needed – leading to the 38-year-old who had worked at Liverpool under Klopp as elite development coach.
His interview was said to have wowed the panel, including Swansea's Ballon d'Or winner in the boardroom Luka Modric, with sources saying the style he promised in his presentations are playing out on the pitch.
Namely a style that fits in with the old Swansea way, but with aggressive work off the ball that has Swansea's on-pitch running data surpassing many second-tier rivals.
And all carried by a personality that has connected with fans and players alike; a quiet, smiling leadership that – even by post-match celebrations alone – has echoes of Klopp.
"He had a really tough job when he came in in terms of where Swansea were in the table," adds McAnuff, who has called their start to the season "exceptional".
"From the minute he went in there he's spoken about the DNA of the football club and wanting to tap into that, stylistically, getting them playing them a little more to how Swansea fans would expect."
It has resonated but it has also been effective, style not at a cost of substance as shown with a defensive record that is best in the division, or the gritty way they came from behind to win at Lincoln City before the international break.
There is a genuine awareness and acceptance at the club that they are by no means the finished article - and a 3-1 defeat at promotion hopefuls Southampton was a reminder of that.
But it is equally clear that there are signs they are moving in the right way.
A recruitment revival
Ghana international Joseph Opoku has scored twice since joining from Zulte Waregem, one of ten new arrivals this summer [Huw Evans Picture Agency]
Matos put the fundamentals in place last season, and was then backed this summer to add the extra touches.
Swansea's recruitment – once their biggest strength – has been a major problem for many of their years back in the Championship.
Never able to compete with the biggest spenders, Swansea based their old success on having a good eye for a bargain who could grow with them.,
The signs are growing that that is back – and not by fluke.
The club have slowly built expertise back up, bringing in Jay Lefevre from Celtic as head of recruitment and Ben Stevens from Cystal Palace as sporting director.
Then there has been the eye-catching partnership with Jamestown Analytics, the data company owned by Brighton chief Tony Bloom that has not only brought success to the Seagulls, but also to Hearts in Scotland, Como in Italy and Saint-Gilloise in Belgium.
Swansea are among the clubs to agree a rolling contract with the firm, their one slot for each division opening up after previous partners Ipswich were promoted.
The firm's role is said to be akin to consultancy, adding another layer to Swansea's existing processes, backing up findings and verifying the work of the club's own data systems.
Winger Joseph Opoku and midfielder Elijah Just are said to be examples, first identified by Swansea before the confidence to spend was provided by the firm who are seen as the best in their field.
Both World Cup goalscorers were signed, as was exciting and experienced Canada midfielder Stephen Eustaquio from Porto, and the bargain Bosman capture of new Scotland international Stephen Welsh in a window that signalled Swansea's growing belief in where they are going.
"You can see the difference," says Carroll. "Before, we would look to the bench and know that changing things would make us weaker. Now the subs change games."
Big names, big plans, small steps
Snoop Dogg, Martha Stewart and Luka Modric all have minority stakes in Swansea [Huw Evans Picture Agency]
Last year's Championship leading goalscorer Zan Vipotnik has been among those reserves – with former Southampton striker Ross Stewart now fit to add to the support of Adam Idah, with McAnuff noting Swansea are also back to adding goals from wide.
They held onto Vipotnik despite a £10m offer from Hull City, but the sale of midfielder Ethan Galbraith for a similar amount to Stoke City shows that a return of ambition doesn't mean ignoring the economics.
Ownership funds are welcome but far from unlimited, especially when compared to rivals.
Spending has been improved, but the process has been about being smarter rather than bank-rolling.
Add in the nature of the EFL's financial controls, it has meant a huge focus on boosting revenue streams beyond the matchday income of a club with a limited stadium capacity in an area where disposable income is almost a quarter below the UK average.
If Modric's arrival as a minority shareholder was about introducing him to the world of football ownership and benefiting from his expertise in return, the other high-profile partnerships were done with business in mind.
Hip hop star Snoop Dogg and fellow US celeb Marta Stewart's introductions were less about how much they invested and more about growing the brand and helping open doors to new partnerships. Swansea this season brought in record sponsorship deals to go with other significant upticks.
And there is also a partnership with media and entertainment investment giants Shamrock Capital – originally founded by the Disney family and who sold Taylor Swift back the rights to her back catalogue – who have also provided significant financial support for long-term plans.
"I don't think anyone is expecting us to go up given some of the other clubs who are going to be fighting for promotion," says Carroll, who says a play-off place is a realistic target. "But you can see we're stronger and we're moving in the right direction, so we're going to enjoy it.
"You can feel the positivity and the optimism is back."
There is a long way to go, but the signs are that – even if they don't make it – Swansea have at least found their way.
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