Daily Mirror (Northern Ireland)
They Sphinx it’s all over.. it is now for Villa crisis
MEGA-RICH EGYPTIAN TO RESCUE VILLANS
BILLIONAIRE Egyptian Nassef Sawiris stepped in to save Aston Villa from meltdown and try to boot the club back into the Premier League.
Sawiris has bought a controlling stake in the troubled Championship club from embattled Chinese owner Dr Tony Xia (below, left).
The London-based 57-year-old has a net wealth of £5billion and is a son from Egypt’s wealthiest family.
His cash injection is unlikely to stop the looming sales of Jack Grealish, to Tottenham, and James Chester, to Stoke, to balance the books amid Financial Fair Play concerns.
But Sawiris and fellow investor Wes Edens, of Fortress Investment Group, are targeting promotion.
The Sawiris family wealth is a staggering £27.5b from business interests including nitrogen fertiliser, an engineering and building firm, plus stakes in Adidas and cement giant Lafarge Holcim.
His involvement marks a huge turnaround in prospects at Villa Park after Xia was previously late with a tax payment.
In a joint statement, Sawiris and Edens (below, right) said: “We believe that together we bring business and sports experience that will help strengthen the club to ensure Aston Villa can return to its rightful place in the upper echelons of English football.
“Our goal is to bring sustainable success to the club, building on its rich history while respecting its loyal fan base and unique culture.
“We understand that we are stewards of Aston Villa on behalf of the fans and we take that responsibility seriously. We look forward to working with Dr Tony to undertake a thorough assessment and evaluation of the club in the coming weeks.
“And our priority is to strengthen the squads and structures ahead of the upcoming season and beyond. As lifelong football fans, we are excited and privileged to have become part of this great club.”
Villa failed to return to the Premier League following relegation in 2016 when Randy Lerner sold the club to Xia for around £60million.
They came 13th in their first campaign back in the second tier and then fourth before losing in the play-off final to Fulham in May.
The crushing Wembley defeat sparked a cash crisis and potential administration with Villa losing £5m a month.
Xia has since been in talks with a group advised by the former Portsmouth and Leicester owner Milan Mandaric. But he has opted to sell around 55 per cent to Sawiris, who has ambitions to eventually own the club lock, stock and barrel.
The takeover is the latest twist in a summer of upheaval after Xia gambled on promotion – and failed.
Keith Wyness left his role as chief executive to sue the club for constructive dismissal and £300,000-ayear director of football Steve Round was forced out.
But Xia is staying put as a co-chairman until Sawiris owns the club outright.
Xia said: “I am extremely pleased to have formed a strategic partnership with Nassef and Wes.
“We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.
“We’re gearing up to fight again and bring back the success this club deserves and we all want to provide.”