Published: Sat, July 21, 2018
Sport | By Cameron Gross

Aston Villa announce 'significant' new investment

Aston Villa announce 'significant' new investment

Owner Tony Xia has announced that NSWE, a company that is jointly owned and controlled by businessman Nassef Sawiris' group NNS and American businessman Wes Edens, will "immediately inject significant investment capital into the club".

Chinese businessman Xia now becomes co-chairman after a hard summer during which boss Steve Bruce has been unable to make any new signings, something he is now expected to do - although Jack Grealish is still expected to move to Tottenham for upwards of £20m. "We understand that we are stewards of Aston Villa on behalf of the fans and we take that responsibility seriously".

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

Since Villa lost the Championship playoff final against Fulham in May, aspects of the club's financial difficulties have come to light.

"I am extremely pleased to have formed a strategic partnership with Nassef and Wes".

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

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.

Sawiris is worth a reported £5.2bn, according to Forbes.

But their problems seem to be over after Xia accepted a proposal from Egyptian Sawiris and American Edens, who is co-owner of National Basketball Association side Milwaukee Bucks. "We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim", he said.

This forthcoming season will be the last of Villa's parachute payments following relegation from the Premier League but Xia said the club remain "focused on strengthening the squad" and mounting another promotion challenge.

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