Published: Sat, July 21, 2018
Sport | By

Aston Villa receive 'significant investment' from billionaires

Aston Villa receive 'significant investment' from billionaires

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.

Xia will remain on the board at Villa Park and become co-chairman.

Egyptian Sawiris is estimated to be worth over £3 billion by Forbes, while American Edens is the co-owner of NBA's Milwaukee Bucks.

Aston Villa dropped out of the top-ranked Premier League in 2016 and plays in the second-tier Championship division.

The Chinese businessman has spent the summer searching for fresh investment to plug a reported £40million deficit after Villa failed to win promotion back to the Premier League last season.

Since Villa lost the Championship playoff final against Fulham in May, aspects of the club's financial difficulties have come to light. "In finding such strong partners as Nassef and Wes we're gearing up to fight again and bring back the success this club deserves and we all so want to provide it with".

Missing out on the top league was a fall from grace for a team that won the European Cup in 1982.

According to a report in the Daily Mail, Aston Villa are set to undergo a takeover, although it is unlikely to impact on the futures of Jack Grealish or James Chester.

The former Birmingham and Hull manager insisted he was keen to stay on at Villa despite the off-the-field problems, but the decision could now be taken out of his hands by the new investors.

"The future is exciting on a number of fronts and I look forward to exploring further business collaborations".

"We look forward to working with Dr Tony to undertake a thorough assessment and evaluation of the club in the coming weeks and our priority is to strengthen the squads and structures ahead of the upcoming season and beyond".

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