Tony Xia completes £75m Villa takeover
Tony Xia has completed his £75million takeover of Aston Villa.
The Beijing-based businessman replaces Randy Lerner as the claret and blues' new chairman and owner.
A brief statement on the club's website said: "Aston Villa is delighted to confirm the sale of the Club to Recon Group, owned by Dr Tony Xia.
"The completion of 100 per cent ownership from Randy Lerner has been rubber-stamped by the Football League.
"Dr Xia has been informed he passed the owners and directors test and following the completion of paperwork today is now the club's new Owner and Chairman.
"A new board will be appointed later this week."
Xia yesterday met with Football League chief executive Shaun Harvey, where it was formally confirmed he had passed the league's owners and directors test, before travelling to the Midlands to complete the final paperwork.
His conglomerate, the Recon Group, has been subject to intense scrutiny from the Football League and Premier League since the takeover was first announced last month.
Xia has provided proof of funds sufficient to complete the purchase, clear the club's existing overdraft and maintain operating costs for the next two seasons.
The new board will include Keith Wyness, who is set to be appointed chief executive, having carried out the same role at both Aberdeen and Everton.
Switzerland-based financier Chris Samuelson, the driving force behind the buy-out, is meanwhile set to become deputy chairman.
New manager Roberto Di Matteo is expected to be given up to £50million to spend on new players as Villa, relegated from the Premier League last season, seek an immediate return to the top flight.
Both he and Xia will be unveiled at a joint press conference tomorrow.
