Aston Villa Confirm Recon Group Takeover
Thu 19th May 2016 | Clubs Ownership
Aston Villa has confirmed the sale of the club to Recon Group.
The club announced that Recon Group owned by Dr Tony Jiantong Xia will take 100% ownership from Randy Lerner subject to the approval of the Premier League and the Football League, on Wednesday.
The deal is thought to be worth around £60m and once approvals have been granted and the new board members approved under the fit and proper rules of both leagues, Dr Xia will become Chairman of Aston Villa.
The club will announce the appointment of a new manager shortly.
A statement released by the club, read: “Randy Lerner has sought the right new owner for Aston Villa who would take great care of the club and restore its fortunes. He believes that Tony Xia is an excellent choice.”
Recon Group is a privately owned holding company that owns the controlling interest in five publicly listed companies on the Hong Kong and Chinese stock exchanges and many other private companies employing 35,000 people in 75 countries.
China’s burgeoning interest in football has seen a number of European clubs bought or have controlling interests by Chinese investors.
Dr Xia plans to make Aston Villa the most famous football club in China with a huge fan base but his immediate objective is to return them to the Premier League.
Posted by: Aaron Gourley
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