Egyptian billionaire Nassef Sawiris and Fortress Investment co-Founder Wes Edens acquired a 55% stake in League Championship side Aston Villa, "taking control of the one of the oldest clubs in English professional football," which has been "in the midst of a financial crisis," according to Murad Ahmed of the FINANCIAL TIMES. The Birmingham-based team said that NSWE, a group co-owned by Sawiris and Edens, "will immediately inject significant investment capital into the club." A person close to the deal said that NSWE will take a 55% stake in the club for £30M ($39.4M), "in effect taking over as the club's owner from Tony Xia," a Chinese businessman who acquired Aston Villa two years ago. Several people close to the process said that Xia sought new investors in recent weeks because of "difficulties escaping capital constraints in his home country that had made it difficult to transfer money" to the U.K. and help finance the club (FT, 7/20). In London, Ian Whittell reported England's World Cup defeat by Croatia "may have resulted in national disappointment, but for Aston Villa supporters it could prove to have been one of the most pivotal events in the club's history, given what was unfolding in an Idaho hotel room" as the semifinal took place. Sequestered there while attending the annual Sun Valley "moguls" conference were Sawiris and Edens. By the end of the evening and "despite the anti-climax of seeing the team they were supporting lose, the pair had hatched a plan to buy Villa." The new owners are "looking at bankrolling" Manager Steve Bruce with a "considerably larger sum" than the £30M they spent to acquire their stake in the club. A source said, "They obviously have deep pockets. They spoke about 'the upper echelons of English football' so they are not going into this to stay in the Championship. They are genuine football fans. Nassef, in particular, is a pretty private guy for a man of his wealth. He is not doing this because he is a brash guy who wants to splash the cash" (SUNDAY TIMES, 7/22). In London, Will Unwin reported now that the deal is in place, the club's hierarchy hopes to start making signings following a "slow start to the summer," which included "no new arrivals due to the financial constraints at Villa Park." John Terry departed and midfielder Jack Grealish was "heavily linked with a move away" as the club "looked to reduce costs." Sawiris and Edens said, "As lifelong football fans, we are excited and privileged to have become part of this great club" (GUARDIAN, 7/20).
