Nassef Sawiris and Wes Edens completed a successful takeover of Aston Villa, buying a controlling stake of 55%, while previous owner Tony Xia will be co-chairman and will remain on the board. The pair have each bought 27.5% of the club which costed them £30m. Sawiris has become executive chairman while Eden is co-chairman.
The pair said in a statement: “As lifelong football fans, we are excited and privileged to have become part of this great club. 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 (will) undertake a thorough assessment and evaluation in the coming weeks. Our priority is to strengthen ahead of the upcoming season.”
The company behind the takeover is a jointly-owned venture called NSWE, comprise of the initials of both businessmen. It’s believed they will immediately inject capital into the club, meaning Villa’s financial problems could be coming to an end. Manager Steve Bruce has had their backing to remain in charge, ending any speculation over his immediate future.
Who are the new owners?
Sawiris is a 57-year-old businessman who is executive chairman for the NNS Group – an investment company – who are a large shareholder in US Private Equity firm Bruins Sports Capital and Adidas AG, of whom the Egyptian and Belgian citizen is on the board of. Most importantly, Sawiris is CEO of a £4.7m Dutch listed global Nitrogen fertiliser and industrial chemicals producer.
As for Edens, the 56-year-old is co-founder and co-CEO of Fortress Investment Group, founded in 1998 with £395m. Wes helped grow the business to £31.27bn AUM as of March 31, 2018. He became co-owner of the Milwaukee Bucks basketball franchise in 2014 and created eSports franchise, FlyQuest, in 2017. The pair have been highly successful in their past business ventures and Villa fans will be hoping the trend continues during their time in the Midlands.
The good news is that the club’s long-term future looks a little brighter thanks to the investment from Nassef Sawiris and Wes Edens, but it’s certainly worrying having seen Keith Wyness sacked, Steve Round depart the club and Tony Xia still be co-chairman despite his actions almost putting Villa out of business. Hopefully the takeover will see a turnaround in fortunes.
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