Aston Villa announce 'significant' new investment

Ruben Hill
July 22, 2018

The experienced manager was behind Villa's lavish spending in the transfer market last summer in a bid to win promotion only for Villa fall at the final hurdle when losing to Fulham in the Championship play-off final.

Reports say that the club was contacted by a number of bidders since May but owner Tony Xia has been hesitant to sell the club, preferring the idea to either raise cash by agreeing loans against assets or any other future income.

Villa announced on Friday that Egyptian Nassef Sawiris, whose wealth measures almost £5billion, and business partner Wes Edens, co-owner of the Milwaukee Bucks, would inject "significant investment" into the Championship side. The club missed a £4m payment to HMRC and have relied on Xia to cover financial shortfalls, which reached a reported £40m.

Mr Sawiris, whose wealth is estimated at $6.9 billion according to the Bloomberg's Billionaires Index, has several high-profile investments including in German shoemaker Adidas, cement firm LafargeHolcim and nitrogen-fertilizer company OCI NV, which he runs.

The pair are understood to have acquired 55 per cent of the club from former owner Tony Xia and now have the capacity to call the shots, bringing scrutiny on Bruce's position. Edens, an American businessman and private equity investor, is the co-owner of Milwaukee Bucks, a national basketball team.

The club have seen no new arrivals so far ahead of the 2018-19 campaign due to the financial constraints at Villa Park.

In a joint statement, Sawiris and Edens said: "As lifelong football fans, we are excited and privileged to have become part of this great club".

"Our goal is to bring sustainable success to the club, building on its rich history while respecting its loyal fan base and unique culture". Aston Villa was acquired by Xia from United States businessman Randy Lerner in May 2016.

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER