Aston Villa’s Tony Xia era over as Chinese billionaire fails to pay US$36 million debt to former owner Randy Lerner
- Fee payable on promotion was part of May 2016 deal to take over at Villa Park
- Nassef Sawiris and Wes Edens now own club outright and Xia has left role as director
English Premier League side Aston Villa have confirmed that Chinese businessman Tony Xia is no longer involved with the club.
This came because Xia was unable to pay a £30 million (US$36 million) debt to former owner Randy Lerner, payable because Villa gained promotion within three seasons of the May 2016 takeover.
Xia took over the ownership of the club through his Recon Group after buying it for £76.2 million (US$91.6 million) from former owner US billionaire Randy Lerner.
An August 9 filing by Recon Group UK Limited, Villa’s parent company, with UK government body Companies House confirmed that Xia officially departed his role as director on August 2.
Meet Tony Xia Jiantong, the 40-year-old Chinese businessman who just bought soccer club Aston Villa for HK$683.5m
Current owners Nassef Sawiris and Wes Edens, who bought Xia’s majority stake last July when they invested through their NSWE company, now own all of Xia’s shares.
Clearing Xia’s unpaid debt also saw them take his final 13 per cent stake in the Villa Park club and terminated his role as a director.
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The end of the Xia era coincided with the club’s return to the top flight after two seasons in the Championship.
Both seasons ended with a trip to Wembley for the play-off final, with a heartbreaking loss to Fulham in 2018 followed by ecstasy at securing Premier League football by beating Derby County last season.
Xia was initially popular at Villa Park as he invested in the club at the outset, but his struggles with moving money from China saw the club in financial peril.
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Xia's period at the club saw huge spending as Villa racked up £50 million losses in the two years he was owner.
There was an outstanding tax bill that threatened the club with administration, with only days to go before Sawiris and Edens bought Xia out.
The Football League also threatened Financial Fair Play punishments.
Sawiris and Edens have now invested well over £200 million (US$240 million) in the former European champions.
Villa spent more than £100 million (US$120 million) on new players for their squad this summer but fell to a 3-1 defeat by Tottenham Hotspur in their opening Premier League game of the season.
Xia, who was renowned for his activity on Twitter, has yet to comment on the change in circumstances at the club.
