Group Created with Sketch.
Volume 7 No. 149
  • Created with Sketch.
  • Created with Sketch.
  • Created with Sketch.

Chinese Businessman Tony Xia Completes $107M Takeover Of Aston Villa

Chinese businessman Tony Xia has completed his £76M ($107M) "takeover of Championship club Aston Villa," according to Pat Murphy of the BBC. The 39-year-old has "passed the Premier League and Football League's fit and proper person test" and will become chair of the West Midlands side. He "succeeds American Randy Lerner," who bought Villa for £62.6M in '06. Xia "made his fortune as 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. His takeover comprises a £52M ($73M) purchase price and a £24M ($34M) overdraft. In addition, he will contribute £60M ($85M) in operating costs. Xia met Football League CEO Shaun Harvey in London on Monday "for formal confirmation he had passed the owners' and directors' test, after the Premier League had been satisfied in its investigations." The club's new CEO is Keith Wyness, who "filled the same role at Scottish Premiership club Aberdeen, then Everton" (BBC, 6/14).