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14/08/2006
Aston Villa agree to takeover
Premiership football club Aston Villa have agreed to a £62.6 million takeover bid by US billionaire Randy Lerner.
In a statement on the Stock Exchange, the club's board has recommended that shareholders accept the 547 pence per share from Lerner's group, Reform Acquisitions, that has already been accepted by the owners of 56.85% of the shares.
Lerner, who owns NFL team the Cleveland Browns, would become the second NFL owner to buy a Premier League club, following Tampa Bay Buccaneers owner Malcolm Glazer's takeover of Manchester United last year.
The American billionaire said that he believed Aston Villa had the potential to "compete at the highest level within the Premiership and in Europe".
Aston Villa chairman Doug Ellis, who has owned the club since 1982 and also served as chairperson between 1968 - 1975, will now stand down from his post.
He has faced criticism from supporters recently, who have accused him of failing to provide adequate financial investment for the team.
Commenting on the takeover, Mr Ellis said: "It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder. The club has been an enormous and immensely enjoyable part of my life.
"I am sure that this transaction will be the beginning of a new chapter in Aston Villa's proud history."
The takeover deal is likely to result in new manager Martin O'Neill being provided with more funds to spend before the transfer window closes on August 31.
(KMcA)
In a statement on the Stock Exchange, the club's board has recommended that shareholders accept the 547 pence per share from Lerner's group, Reform Acquisitions, that has already been accepted by the owners of 56.85% of the shares.
Lerner, who owns NFL team the Cleveland Browns, would become the second NFL owner to buy a Premier League club, following Tampa Bay Buccaneers owner Malcolm Glazer's takeover of Manchester United last year.
The American billionaire said that he believed Aston Villa had the potential to "compete at the highest level within the Premiership and in Europe".
Aston Villa chairman Doug Ellis, who has owned the club since 1982 and also served as chairperson between 1968 - 1975, will now stand down from his post.
He has faced criticism from supporters recently, who have accused him of failing to provide adequate financial investment for the team.
Commenting on the takeover, Mr Ellis said: "It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder. The club has been an enormous and immensely enjoyable part of my life.
"I am sure that this transaction will be the beginning of a new chapter in Aston Villa's proud history."
The takeover deal is likely to result in new manager Martin O'Neill being provided with more funds to spend before the transfer window closes on August 31.
(KMcA)
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