Aston Villa takeover by Dr Tony Xia to go through next week

Aston Villa takeover by Dr Tony Xia to go through next week

Aston Villa’s £75 million takeover by Dr Tony Xia is expected to finally go through early next week, the Telegraph can reveal.

Xia will meet with Football League officials in London on Monday to agree the deal and is set to be confirmed as Villa’s new owner after providing “compelling evidence” of funds.

The Chinese businessman has passed the required owner and directors’ test and the Premier League and Football League are both satisfied that he is fit and proper to complete the buy-out from Randy Lerner.

Xia’s financial muscle had been called into question due to concerns over past business dealings but he has provided clear proof of funds, both for the forthcoming season and even the next.

Keith Wyness, the former Everton chief executive, will be part of the restructured board and is expected to have a major role.

It is understood that Steve Hollis, the current Villa chairman, was heavily involved in the prolonged negotiations with both governing bodies but will depart later this month.

With Xia’s takeover set to be approved next week, new manager Roberto di Matteo and assistant Steve Clarke will be officially unveiled shortly after.

Di Matteo was appointed last week after being headhunted by Xia, with Clarke and Kevin Bond completing a strong managerial set-up at the relegated club.

The former Chelsea manager has been out of work since leaving Schalke in May 2015 but is enthused by the challenge of reviving the former European Cup winners.

He will be assured of around £30 million in funds to strengthen the squad, though Villa are currently focusing on moving out their unwanted players.

Villa are preparing for the Championship after a disastrous season in which they finished bottom after recording only three league wins.

Tim Sherwood and Remi Garde both left the club during the course of the campaign yet Lerner’s departure and Xia’s subsequent takeover has provided fans with hope of a brighter future.

Guardian