Aston Villa owner Tony Xia in talks to sell cash-strapped Championship club
Xia has two interested European bidders and another keen American-based investor
TONY XIA is ready to SELL Aston Villa.
The cash-strapped club’s Chinese owner has already turned down one bid - and is talks with other interested parties.
Xia is desperate for a cash injection after Villa failed to win promotion with an expensively assembled squad - leaving them with a black hole of around £40-50million to fill.
According to the , Xia rejected a 51 per-cent offer from a European bidder on Tuesday.
A financial package that would have met Xia’s requirements of up to £40million of investment was put forward - but he said no.
Now talks with two other serious bidders are planned with Xia keen not to make Villa’s financial situation any worse.
He had been seeking a part-investment in the club - but that was a non-starter as few parties were prepared simply to bail Xia out.
Xia had been reluctant to sell the club in its entirety after buying it for £85m from American billionaire Randy Lerner two years ago.
But it will take £6m a month to keep Villa’s head above water.
And Xia is also desperate to avoid a situation where the club is forced to go into administration.
MOST READ IN FOOTBALL
It now looks as though Xia believes his best option is to cut his losses and sell up.
But any new buyer would have to pump £100m into Villa this season just to make them competitive.
Boss Steve Bruce has been presented with a budget by Xia.
But he cannot move on any deals until he gets the green light over finances from the owner who is clearly trying to solve Villa’s behind the scenes problems.
Villa have been left behind in the Championship’s transfer stakes this summer with big spending Stoke and Nottingham Forest already signing a string of players.
It was Villa’s failure to beat Fulham in the play-off final at Wembley that left them in dire straits.
Xia invested heavily in a team he thought would be promoted - but they are now left with reduced parachute payments and players on sky high salaries.
He is under pressure to lower the club’s salaries and raise around £50m in player sales over two transfer windows.
