Aston Villa to receive ‘significant investment’ as chairman Tony Xia agrees deal with Egyptian billionaire

20 Jul

Aston Villa have announced they will receive “significant investment” from billionaire businessmen Nassef Sawiris and Wes Edens.

Aston Villa have been rescued from their financial troubles by billionaire businessman Nassef Sawiris

The Villans’ owner, Chinese businessman Tony Xia, has been locked talks with an Egyptian group, to relinquish his control of the Championship club and negotiate a co-ownership deal.

Dr Xia has spent the summer looking for fresh investment to fix the club’s financial problems.

He needed to plug a reported £40million deficit after Villa failed to win promotion back to the Premier League last season – losing the play-off final to Fulham at Wembley Stadium in May.

A return to the top flight, having been relegated in 2016, would have seen the Midlands outfit bank in excess of £170m.

A statement issued by the club said: “Dr Tony Xia and Aston Villa Football Club announce that NSWE, a company that is jointly owned and controlled by businessman Nassef Sawiris’ group NNS and businessman Wes Edens, will immediately inject significant investment capital into the club.

“At the same time, Dr Tony Xia will become co-chairman and remain on the board.”

Egyptian Sawiris is estimated to be worth $6.8bn (£5.2bn), while American financier Edens co-owns the Milwaukee Bucks NBA franchise.