Aston Villa given immediate "significant investment" boost before start of new season

Annette Crawford
July 22, 2018

Villa were plunged into financial crisis earlier this summer when it was revealed that they had been hit with a £4.2m tax bill, as well as reports that high-earners such as the now-departed John Terry were still owed outstanding wages as well as the need to seriously cut back to avoid being hit by Financial Fair Play rules.

Xia purchased the club for £76m in 2016 with promotion his immediate aim, but failure to get back into the Premier League in the past two seasons has taken its toll on Villa's finances, with the gamble backfiring to nearly fatal effect.

Xia is to become co-chairman and remain on the board.

NSWE is jointly owned and controlled by billionaire Nassef Sawiris' group NNS and businessman Wes Edens.

This deal has been approved by the EFL and the parties will work through all confirmatory approvals required by the EFL as soon as possible.

Villa have been rocked by financial problems after missing out on promotion to the Premier League at the end of last season. "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.

Steve Bruce's future at Aston Villa is in major doubt following the club's announcement of significant new investment into the club, Football Insider sources understands.

In a joint statement, Sawiris and Edens said: "As lifelong football fans, we are excited and privileged to have become part of this great club".

It remains to be seen how quickly a takeover could happen, while fans will also want to hear further details about the Middle East consortium looking to take control at Villa Park.

"We look forward to working with Dr Tony to undertake a thorough assessment and evaluation of the Club in the coming weeks and our priority is to strengthen the squads and structures ahead of the upcoming season and beyond", they concluded.

Other reports by Iphone Fresh

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