Chinese takeover of Aston Villa nears completion
THE sale of Aston Villa to a Chinese businessman is expected to be confirmed today (Monday) after delivering proof to the football authorities that he is a fit and proper person to own a football club.
Tony Xia signed a deal to take over the relegated Premier League club last month. Estimates on the deal vary between £60-£75m.
The delay in completing the deal was due to Xia having the prove to both the Premier League and the Football League – which administers the Championship – that he had enough money to finance the business.
After a meeting with Football League chairman Shaun Harvey to formally rubber-stamp the deal, Xia is expected to head to Villa Park to meet the club’s backroom staff.
The BBC was reporting that the deal would complete would out-going owner Randy Lerner had signed the necessary documentation.
According to the BBC, once Xia is installed as the new Villa chairman, he will pay £52m to buy the club with the extra £24m put in place as an overdraft.
The process of rebuilding the club’s on-field fortunes will then begin, with new manager Roberto Di Matteo given a sizeable war-chest – possibly up to £35m – to buy new players. He will also have at his disposal any funds from transfer deals involving the club’s current playing staff.
The steps are being taken to ensure that the club can make a swift return to the top flight of English football.
The new owner has made his intentions clear. He wants the club to be a major forced in English football so he can promote the Aston Villa brand in Asia where there are huge marketing opportunities.
