Aston Villa have confirmed that an agreement has been reached with Recon Group, owned by Dr Tony Jiantong Xia, to take 100 per cent ownership of the club.
The takeover is subject to approval from the Premier League and the Football League.
Randy Lerner had made no secret of his desire to sell and current chairman Steve Hollis flew to China to complete the deal as soon as the Villans’ dismal top-flight campaign was complete.
A club statement read: ‘Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100 per cent ownership by Randy Lerner to Recon Group owned by Dr Tony Jiantong Xia subject to the approval of the Premier League and the Football League.
‘Once those approvals have been granted and the new board members approved under the fit & proper rules of both leagues, Dr Xia will become Chairman of Aston Villa. The club will announce the appointment of a new manager shortly.’
Recon Group is a holding company which has a controlling interest in five publicly listed companies on the Hong Kong and Chinese stock exchanges. Xia, a former footballer himself, claims to have been a Villa fan for some time.