Chinese tycoon Dr. Tony Xia has offered to buy English football club Aston Villa, recently relegated to the Championship from the Premier League, for £60m.
The deal, which is subject to Football League approval, would see Xia take 100% ownership and become the club’s chairman.
Current owner Randy Lerner, who bought the Midlands side for £62.2m in 2006, put the club up for sale in 2014.
A club statement said Lerner “sought the right owner to take care of the club and restore fortunes” and believes Xia is an “excellent choice”.
Aston Villa is seeking the services of either Nigel Pearson or Roberto di Matteo to take charge of the side as it attempts to climb back up to the Premier League at the first time of asking.
Before completing the takeover, Xia needs to gain Football League’s approval and proof of finance.
Aston Villa finished last in the just concluded 2015/16 season, managing a meagre 17 points.