Randy Lerner puts Aston Villa up for sale

Aston Villa owner Randy Lerner has put the club up for sale, eight years after buying it from Doug Ellis.

In a statement released on 12 May, the day after the last game of the season, the American businessman confirmed that he had decided to sell. The club is estimated to be worth around £200 million.

Eight years at Villa Park

Lerner, the owner of the Cleveland Browns American football team, bought Villa in 2006 for £62.6 million, ending Doug Ellis's long reign as chairman. His arrival was greeted with great optimism, and he invested heavily in the early years.

Under manager Martin O'Neill, Villa finished sixth in three successive seasons between 2008 and 2010, qualified for Europe and reached the League Cup final in 2010, losing 2-1 to Manchester United. The club also spent heavily on players and on improvements to Villa Park and the Bodymoor Heath training ground.

A change of direction

But after O'Neill resigned in August 2010, days before the start of the season, the club's fortunes declined. Gerard Houllier and then Alex McLeish, the former Birmingham City manager, followed, and in 2012 the club announced a loss of £53.9 million for the previous year. Spending was cut back, and Paul Lambert, appointed in 2012, was asked to build a younger, cheaper squad.

Villa have finished in the bottom half of the Premier League in each of the last three seasons, and were drawn into relegation battles in each of them. This season they finished 15th.

Fans' frustration

Supporters have become increasingly frustrated with the club's direction, and with Lerner's absence from Villa Park in recent seasons. Many will welcome the prospect of a new owner who can invest in the squad.

Lerner has rarely been seen at Villa Park in recent seasons, and the decision to sell had been widely expected.

What happens now

The sale process is likely to take some time, and there is no guarantee that a buyer will be found quickly.

The uncertainty comes at an important time for Villa, with the summer transfer window about to open and Lambert expected to strengthen a squad that has struggled for goals and consistency.

A great club

Villa are one of the most famous clubs in English football. Founded in 1874, they were founder members of the Football League in 1888, have been champions of England seven times and won the European Cup in 1982.

Whoever buys the club will inherit one of the best-supported clubs in the country and one of its most famous grounds, but also a squad in need of rebuilding. For supporters, the hope is that new ownership will bring the ambition to return Villa to the top half of the table.