Aston Villa paid former owner Randy Lerner £10m in 2022 after Premier League survival
Villa paid former owner Randy Lerner £10million last year as part of Tony Xia’s 2016 takeover agreement, it has emerged.
The American was owed the money if Villa retained Premier League status for three seasons following promotion and the liability fell to the club with Xia, who departed in 2019, unable to service the debt.
Lerner, who purchased the club from Doug Ellis in 2006, was previously paid £30m after Villa returned to the top flight four years ago, again as part of the 2016 deal.
That debt was also settled by the current owners, Nassef Sawiris and Wes Edens, who initially purchased a majority stake in the club in June 2018 after Xia ran into serious financial difficulties.
A statement released by Villa yesterday, to coincide with the release of the club’s 2021-22 accounts, explained: “Exceptional administrative expenses included a payment of £10m to Randolph D Lerner following the retaining of Premier League status for the third consecutive season since promotion.
“This payment was due as per the agreement entered into when Recon Group Ltd bought the Club in 2016 and provided that if Recon Group and its Guarantor – Jian Tong Xia – failed to pay the sum, it would fall to the Club to settle the liability.”
Villa reported a £400,000 profit for the financial year, despite a drop of around £5m in revenues to £178.4m.
The bottom line was boosted by the £100m British record transfer of Jack Grealish to Manchester City, with the club spending £203.5 on signings including Emi Buendia, Leon Bailey, Danny Ings and Lucas Digne.