May 19 – China’s influence as an emerging new global commercial player in football has been further underlined with businessman Tony Xia agreeing to buy Aston Villa, the historic English club just relegated from the Premier League, for a reported £60 million.
That price would preesent a huge knockdown from the £100 million that was believed to be figure under negotiation – itself a reduction on the £200 million orginal asking price three years ago when the sale of the club was first mooted.
American billionaire Randy Lerner bought the club in 2006 for 67.2 million and has invested close to £250 million since then. He put the club up for sale in 2014, at which point he tightened his personal money flow into the club.
The deal, which is subject to Football League approval and proof of finance, would see Xia take 100% ownership and become chairman.
Reports say Villa will appoint a new manager in either Nigel Pearson or Roberto di Matteo after the sacking of Remi Garde at the end of March.
American-educated Xia is the owner of Recon Group, a holding company that has the controlling interest in five publicly listed companies on the Hong Kong and Chinese stock exchanges, employing 35,000 people in 75 countries. The deal will see Xia become the first mainland Chinese to fully own an English team.
Xia became a Villa fan “many years ago”, according to a club statement, and is targeting an immediate return to the top flight as well as turning Villa, European champions in 1982 and seven-time league champions, into “the most famous football club in China with a huge fanbase”.
Lerner, lambasted by sections of the Villa support during a miserable season, stressed in his final statement that his aim had always been to strengthen the club’s infrastructure as well as the squad but that he had found it difficult to commit time and effort in the past five years.
China’s biggest overseas investment in football to date is the state-backed China Media Capital’s $400 million stake in the ownership of Manchester City.
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