Chinese magnate to buy Aston Villa for $87m

London, May 19 

Advertisement

Aston Villa revealed ambitions to become the most popular team in China after Harvard-educated businessman Tony Jiantong Xia snapped up the relegated club for a reported $87 million.

The “Villains” crashed out of England's Premier League after winning only three times this season, but they will have their fingers crossed for better times ahead under their new ownership.

The US-based owner Randy Lerner had been trying to sell Villa for two years and he finally found a buyer after slashing his asking price to a reported $87 million. Fans will hope Xia now follows the lead of Thai-owned English champions Leicester City, rather than that of their city rivals Birmingham City, who were bought by a one-time Hong Kong hairdresser who was later jailed for money-laundering.

A new manager will be appointed “shortly”, a club statement said, with former Leicester boss Nigel Pearson and ex-Chelsea manager Roberto Di Matteo both reportedly in the running after Remi Garde was sacked in March.

The first goal for Xia's Villa is to win promotion to the Premier League and then return to European competition by finishing in the top six, the club said in a statement. “Dr. Xia's immediate objective is to return Aston Villa to the Premier League and then to have the club finish in the top six, bringing European football back to Villa Park,” the statement said. “He plans to make Aston Villa the most famous football club in China with a huge fan base."

Chinese tycoons have been at the forefront of a wave of Asian investment in European football, snapping up stakes in powerhouses Manchester City and Atletico Madrid. Chinese investors are also negotiating to buy shares in Italy's seven-time European champions, AC Milan.

Months of protests

The Premier League is hugely popular in China and success by Villa would guarantee wide visibility in the world's most populous nation, making them a magnet for sponsors.

Lerner has agreed to sell 100 percent ownership of Aston Villa to Xia's Recon Group, subject to approval from the Premier League and Football League, the club said. — AFP