Tony Xia, owner of Chinese conglomerate, the Recon Group, announced on Monday its official acquisition of Aston Villa, the 142-year-old UK-based football club.

According to media reports, the deal is worth £76.5 million, including an assumed £24.5 million of debt. Xia hopes to return the club to the Premier League as well as raise the standard of Chinese soccer.

“Under the deal's terms, if Villa return to the Premier League within three years, the seller will be compensated with £30 million.” Said a China Daily report.

Recon is also looking to acquire more clubs in Europe, Australia and India. It aims to set up an established international platform, to raise the profile of all the Chinese soccer clubs, as Xia revealed.

"Aston Villa is pleased to announce that an agreement has been signed for the sale of 100% ownership by Randy Lerner to the Recon Group," a statement from Aston Villa said.
Source: China Daily

Proofread by Sean O Diobhilin