Aston Villa not up for sale but cutbacks must be made, says owner
Aston Villa are not up for sale but would consider minority investment, owner Tony Xia has said in an open letter to fans.
The Chinese businessman said manager Steve Bruce would remain in charge at Villa Park but warned the club must sell players to reduce costs after they missed out on promotion to the Premier League.
Xia’s letter follows a difficult few weeks for the club. Last month, it reached an agreement with HMRC to pay its outstanding tax bill of more than £4m and suspended chief executive Keith Wyness at the same time as news of a potential winding-up order from the taxman emerged.
With the club facing major problems to meet its financial fair play obligations having failed to win promotion to the Premier League, and with Xia reported to be having problems getting money out of China to plug holes in its cashflow, there were battles being fought on several fronts.
In the letter, Xia said: “Of course, given the financial realities, it would be prudent of us to be open and receptive to any potential minority strategic investment that would aid our objectives to consolidate after a tumultuous summer and ultimately achieve our ambition of returning to the Premier League. We will be very selective in any discussions to ensure that the club’s best interests remain the focal point.
“Having assumed the role of acting CEO, I have been working closely with the senior management team to improve efficiency and effectiveness. A more measured approach will enable us to overcome the implications of Financial Fair Play after two years of significant investment in the football department. We need to generate sufficient revenue to ensure the smooth-running of the club without compromising the standards of this great institution.
“With that comes a reality check over performance and expectation for the season ahead but also the opportunity to work smartly in the transfer market, bring through young talent and draw on the experience of our manager.”
