Xia’s Villa takeover still on!

It has been reported on BBC Sport that Chinese businessman Tony Xia is set to pay￡52 million through an escrow account to Randy Lerner, current owner of English football club Aston Villa FC.

According to BBC Sport, Dr. Tony Xia’s Villa deal is “not on the verge of collapse”  despite continuing inquiries from both the English Football Association and the Football League.

The report said Dr. Tony Xia has guaranteed to take on an existing debt of￡25m and to cover the cost of club operations for the next two seasons. In addition to the debt, the Chinese investor will pay an extra ￡25m to Randy Lerner if Aston Villa FC are promoted to the English Premier League within three seasons.

Recon Group, owned by Dr. Tony Xia, has already agreed this ￡60m deal with Villa’s American owner Randy Lerner last month. However, the deal is yet to be approved by the English FA and the Football League. 

Source: BBC

Proofread by Sean O Diobhilin