Aston Villa have released a statement confirming the sale of “100% ownership” of the club to Dr Tony Xia’s Recon Group.
Randy Lerner has been trying to sell the club since 2014 and accepted the blame for their disastrous Premier League campaign, which resulted in the Villans losing their top-flight status without too much resistance.
Things have moved quickly in the off-season though with Chinese businessman Xia securing ownership on Wednesday, with plans to confirm a new manager “shortly”.
A statement on Villa’s official website said: “Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100% 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.”
Dr Xia is reported to have paid somewhere in the region of Â£60m to buy the Midlands outfit, with Lerner having purchased Villa for Â£62.2m back in 2014.