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Lerner assumes majority ownership at Aston Villa
England - 28 August, 2006
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English Aston Villa seems ready to be taken by Randy Lerner after rival consortiums failed to make a counteroffer by Thursday's deadline.
Consortiums led by Michael Neville and Nicolas Padfield failed to counter, and that left Lerner's GBP 62.6 million takeover bid as the best out there.
Lerner, 44, a billionaire from the United States, had his offer accepted by the club's board on 14 August.
With no rival bids, the 57 percent of shares owned by Jack Petchey and chairman Doug Ellis will be transferred. As of Friday, Lerner had more than 59 percent ownership of the club in pocket.
Ellis, 82, has been chairman since 1982 after having had a previous spell in charge from 1968-1975. Lerner is expected to replace Ellis and appoint a chief executive, a post that has been vacant at Villa since Bruce Langham left 15 months ago.
Lerner, who owns the NFL's Cleveland Browns, will need to acquire 75 percent of the shares to assume full control, and be able to sanction any moves in the transfer market by manager Martin O'Neill. The transfer window closes on 31 August and O'Neill, who has been in regular contact with Lerner over recent weeks, is ready to strengthen his squad.
If Lerner was to take a 90 percent stake in the club he could automatically acquire the other 10 percent and take the club into private ownership.
Local businessman Neville had been leading a consortium for 10 months in the hope of taking over the club, but he decided not to make a formal offer, backing Lerner in hopes Lerner will reverse the club's fortunes.
"I have come to the conclusion that, together with the brilliant Martin O'Neill as manager, Randy Lerner and his team have the right credentials, the necessary finances and the pooled resources to restore the club to where all of us supporters want to see it," said Neville. "With that in mind, I have decided to end my consortium's approach in order not to jeopardise the takeover in any way.
"I want to formally extend to Randy Lerner and his team the very best of luck and would ask him to help take the club back to the very top."
Consortiums led by Michael Neville and Nicolas Padfield failed to counter, and that left Lerner's GBP 62.6 million takeover bid as the best out there.
Lerner, 44, a billionaire from the United States, had his offer accepted by the club's board on 14 August.
With no rival bids, the 57 percent of shares owned by Jack Petchey and chairman Doug Ellis will be transferred. As of Friday, Lerner had more than 59 percent ownership of the club in pocket.
Ellis, 82, has been chairman since 1982 after having had a previous spell in charge from 1968-1975. Lerner is expected to replace Ellis and appoint a chief executive, a post that has been vacant at Villa since Bruce Langham left 15 months ago.
Lerner, who owns the NFL's Cleveland Browns, will need to acquire 75 percent of the shares to assume full control, and be able to sanction any moves in the transfer market by manager Martin O'Neill. The transfer window closes on 31 August and O'Neill, who has been in regular contact with Lerner over recent weeks, is ready to strengthen his squad.
If Lerner was to take a 90 percent stake in the club he could automatically acquire the other 10 percent and take the club into private ownership.
Local businessman Neville had been leading a consortium for 10 months in the hope of taking over the club, but he decided not to make a formal offer, backing Lerner in hopes Lerner will reverse the club's fortunes.
"I have come to the conclusion that, together with the brilliant Martin O'Neill as manager, Randy Lerner and his team have the right credentials, the necessary finances and the pooled resources to restore the club to where all of us supporters want to see it," said Neville. "With that in mind, I have decided to end my consortium's approach in order not to jeopardise the takeover in any way.
"I want to formally extend to Randy Lerner and his team the very best of luck and would ask him to help take the club back to the very top."
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