Aston Villa takeover completed

China's Tony Xia completed his £76m takeover of Aston Villa on Tuesday after passing the English Football League's owners and directors test, according to a recent AFP report.

Xia, owner of the Recon Group, reportedly purchased Villa last month from American Randy Lerner. The 39-year-old will become the chairman of the relegated former Premier League club.

“His takeover comprises a £52m purchase price and a £24m overdraft. In addition, he will contribute £60m in operating costs” stated the report.

"Aston Villa is delighted to confirm the sale of the club to the Recon Group, owned by Dr Tony Xia," said a statement on the Aston Villa website, “The completion of 100% ownership from Randy Lerner has been rubber-stamped by the Football League.”

Keith Wyness will become the new chief executive. He previously filled the same role at Scottish Premier League(SPL) club Aberdeen and then Everton.

Roberto Di Matteo was recently appointed as the new manager of Villa. Di Matteo and Xia are expected to be presented at a joint press conference in the coming days.

Source: AFP

Proofread by Sean O Diobhilin