Aston Villa announce club-saving deal with Egyptian consortium with immediate cash injection

AN Egyptian consortium have taken a majority stake in Aston Villa to save the club from potential bankruptcy.

The NNS group, headed by Nassef Sawiris, has signed an deal to inject much-needed money into the club which has been left with a £540million black hole by the Tony Xia regime.

Xia will remain on the board and become co-chairman, although in future it is expected the agreement will lead to a complete takeover.

The news will be a major relief to Villa supporters and manager Steve Bruce who had feared being left with a depleted squad and little budget to spend on players.

A Villa statement said: “Dr Tony Xia and Aston Villa Football Club (“the 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.

“The capital injection and transaction have been approved by the EFL and the parties will work through all confirmatory approvals required by the EFL as soon as possible.

“The Club’s management remain focused on strengthening the squad and are fully aligned with the new investors who are supportive of their ambitions.

“Dr Tony Xia and the Club are energised and excited about their interactions with Nassef and Wes and their teams and are confident that as strategic partners they bring exceptional business, sport and leisure expertise that will enhance the Club’s future prospects.

“The parties look forward to working in partnership to drive Aston Villa forward to success.”

Nassef Sawiris and Wes Edens added: “As lifelong football fans, we are excited and privileged to have become part of this great Club.

“We believe that together we bring business and sports experience that will help strengthen the Club to ensure Aston Villa can return to its rightful place in the upper echelons of English football.

“Our goal is to bring sustainable success to the Club, building on its rich history while respecting its loyal fan base and unique culture.

“We understand that we are stewards of Aston Villa on behalf of the fans and we take that responsibility seriously.

“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.”

Xia said: “We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.

“To have come so close to achieving promotion last season was a humbling experience.

“In finding such strong partners as Nassef and Wes we’re gearing up to fight again and bring back the success that this Club deserves and we all so want to provide it with.

“The future is exciting on a number of fronts and I look forward to exploring further business collaborations.”