Villa to sell to Lerner for £62.6m
Aston Villa have reached agreement for American billionaire Randy Lerner to take control of the Premiership club.
Villa made announced the deal with a statement to the Stock Exchange this morning.
Lerner's takeover values the club at £62.6m (€93m) and brings to an end Doug Ellis' long reign as chairman.
Ellis, 82, has run the midlands club since 1982 and also had an earlier spell as chairman.
Ellis said: "It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder. The club has been an enormous and immensely enjoyable part of my life.
"I wish to thank the many staff at Aston Villa over the years for making the club what it has been and what it is. I am sure that this transaction will be the beginning of a new chapter in Aston Villa's proud history."
The Villa board have recommended unanimously that the offer be accepted by shareholders.
Lerner, 44, inherited most of his fortune from his father Al, the founder of the MBNA credit card company.
He is also the owner of NFL team Cleveland Browns.
Lerner said: "It is my belief and the basis for my bid to acquire Aston Villa Football club that it can compete at the highest level within the Premiership and in Europe.
"The club has a rich history and a long tradition of passionate fan support."
Lerner, who conducted the offer through his company Reform Acquisitions Ltd, had headed one of a number of consortia hoping to buy out Ellis.
Local businessman and fan Michael Neville led one group while another was put together by Nicholas Padfield QC. Athole Still, the agent of former England manager Sven-Goran Eriksson, was also believed to be interested in taking over.
