Aston Villa to receive 'significant investment' from new financial backers
Aston Villa will receive a "significant investment" from NSWE, a company jointly owned by billionaires Nassef Sawiris and Wes Edens, the English Championship club announced on Friday.
Egyptian Sawiris is estimated to be worth over £3 billion by Forbes, while American Edens is the co-owner of NBA's Milwaukee Bucks.
Villa owner Dr Tony Xia, who held talks with the Egyptian group, will remain on the board and becomes co-chairman.
"I am extremely pleased to have formed a strategic partnership with Nassef and Wes," Dr Xia said in a club statement. "We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.
"To have come so close to achieving promotion last season was a humbling experience. In finding such strong partners as Nassef and Wes we're gearing up to fight again and bring back the success that this Club deserves and we all so want to provide it with."
Since Villa lost the Championship playoff final against Fulham in May, aspects of the club's financial difficulties have come to light.
The BBC reported that Villa missed a £4m tax payment in June before reaching an agreement with HM Revenue & Customs.
The club has seen no new arrivals so far ahead of the 2018-19 campaign due to financial constraints at Villa Park.
Former England captain John Terry departed at the end of last season, while Jack Grealish has been linked with a move to Premier League side Tottenham.