New owners take control of Aston Villa after tax bill scare

Aston Villa have been taken over by a consortium led by the Egyptian billionaire Nassef Sawiris and the American billionaire Wes Edens, ending weeks of fears about the club's financial future.

The consortium, known as NSWE, has bought a controlling 55 per cent stake in the club, in a deal announced on 20 July. The stake is reported to be worth £30 million, and the new owners have promised significant investment.

A summer of crisis

The takeover brings relief after a turbulent few weeks. In May, Villa lost 1-0 to Fulham in the Championship play-off final at Wembley, missing out on a return to the Premier League and the money that comes with it.

Financial problems quickly emerged. Owner Tony Xia had been struggling to move money out of China to keep the club running. On 5 June, Villa missed the deadline to pay a £4 million tax bill and faced the threat of a winding-up order.

Two days later, Xia reached an agreement with HM Revenue and Customs to pay £500,000 of the bill, with the rest to follow later. That removed the immediate danger, but Xia admitted the club remained in significant financial difficulty, and it became clear that new owners were needed.

Who are the new owners?

Nassef Sawiris is one of the richest men in Egypt and a member of one of the country's best-known business families. Wes Edens is an American investor who co-owns the Milwaukee Bucks basketball team.

The consortium's arrival is expected to bring stability to the club's finances and a period of restructuring behind the scenes.

So close last season

On the pitch, last season showed what the team is capable of. Under Steve Bruce, Villa finished fourth in the Championship after their best winning run since 1990, including seven wins in a row. They beat Middlesbrough in the play-off semi-final before falling at the final hurdle at Wembley.

Bruce, who was appointed in October 2016, will now work under new owners as the club prepares for its third season in the Championship.

Two years of upheaval

Villa were relegated from the Premier League in 2016, ending a long spell in the top flight. Xia bought the club from Randy Lerner that summer for a reported £76 million and made promotion his target, but the first season back in the Championship ended with a 13th-place finish.

The club's history gives supporters reason to hope. Founded in 1874, Villa have been champions of England seven times and won the European Cup in 1982. They are among the best-supported clubs in the country, and crowds at Villa Park have stayed strong through the club's time in the second tier.

With the new season only weeks away, supporters will now be hoping that the takeover allows the club to strengthen the squad and make another push for promotion.