[nas] Aston Villa announces American takeover

Aston Villa announces American takeover

/ Associated Press
Posted: 1 hour ago

LONDON (AP) - English Premier League team Aston Villa said Monday it had agreed to a 62.6-million-pound (US$118.8 million; €93 million) takeover by Randy Lerner, owner of the Cleveland Browns in the United States.

Lerner's takeover vehicle, Reform Acquisitions Ltd., offered 547 pence (US$10.37; €8.12) per Aston Villa share, the principals announced to the London Stock Exchange. That represents a premium of about 47 percent over the closing price on Sept. 16, 2005, the last day before the beginning of the offer period.

"It is my belief and the basis for my bid to acquire Aston Villa Football Club that it can compete at the highest level within the Premiership and in Europe," Lerner said.

Lerner, former chairman of credit card giant MBNA, would be the second U.S. National Football League owner to buy a Premier League club.

Tampa Bay Buccaneers owner Malcolm Glazer purchased Manchester United in 2005, sparking protests by fans worried Glazer would be more devoted to making money than to winning.

The board of Aston Villa recommended the transaction to shareholders, and said owners of 56.85 percent of shares had already committed to the deal.

Villa chairman Doug Ellis, who has owned the club since 1982 and has a 39 percent stake, put the club up for sale a year ago.

"It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder," Ellis said. "The club has been an enormous and immensely enjoyable part of my life."

Ellis, who first took charge from 1968-75 before returning seven years later, earned the nickname "Deadly Doug" for his reputation for sacking managers. He worked with 14 managers during his time and two weeks ago appointed Martin O'Neill as manager.

The former Celtic and Leicester coach succeeds David O'Leary, who was fired last month after three seasons.

Villa won the English league title in 1981 and captured the European Cup the following season, beating Bayern Munich in the final.

Villa opens its Premier League campaign at Arsenal on Aug. 19.

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