Padfield insists Aston Villa still up for grabs

Despite the acceptance of Randy Lerner's bid to take control of English Aston Villa, Nicholas Padfield, heading an interested consortium, insisted his fight is not done.

The club will be sold to Lerner for GBP 62.6 million, pending shareholder approval. Padfield, a deputy high court judge who heads the AV06 group, is believed to be putting together a GBP 70 million offer.

The club's board made a statement to the London Stock Exchange Monday recommending that shareholders accept the 547-pence-per-share bid from Reform Acquisitions Ltd, controlled by Lerner, who is also owner of the NFL's Cleveland Browns.

Padfield said that "irrevocable undertakings" given to Lerner will become void if another bid of five percent or more above Lerner's is made, meaning any offer over GBP 66 million will be given consideration.

A formal offer could be made next week, and Padfield's group likely would guarantee an instant transfer pot of GBP30 million to new manager Martin O'Neill during the August transfer window.

Padfield said things are not finished, while playing toward national sentiments.

"This is by no means over," Padfield told The Independent newspaper. "We are indefatigable in our efforts to secure the club because we have the club's interests at heart. We are not American, and want to fly the flag."

Padfield refused to name the people behind his consortium but stressed the money was in place with "billionaires" backing him. The possibility lingers that Padfield could join with either local businessman Michael Neville's group or a group of foreign investors represented by former England coach Sven-Goran Eriksson's agent Athole Still.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.