Aston Villa target of buy out by Irish brothers |
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Tue, 01 Nov 2005 10:05
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LONDON: Premier League team Aston Villa has received a buy-out proposal from a consortium, according a statement made by the club to the London Stock Exchange. It said the offer was made by Michael Neville on behalf of the consortium, whose identity was not disclosed.
Aston Villa Plc, said in the statement that its board has not met with any other members of the consortium group, nor received any confirmation of the availability of sufficient funding to support any potential offer. So the board can treat the approach as speculative at this stage.
Aston Villa is in 16th place in the League, with nine points from 10 games.
There has been media speculation that Neville has been representing Luke and Brian Cromer, owners of property company Comer Homes Group, and that the offer value is 64 million pounds.
Aston Villa has been witnessing a rough patch recently and its aging chairman, 81-year-old Doug Ellis facing criticism from fans for the club's poor performance.
The takeover proposal will be made evident in a couple of days, people close to the club said. The deal will bring in cash with which the club can regain some of its lost glory both at home and abroad.
Ellis and the other major shareholder, Jack Petchey, are understood to have agreed to sell their 58 per cent stake. In that event, the shareholders will also get an offer of 560 pence a share.
Ireland-based Comer Homes Group has assets of 1 billion pounds.
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Ellis confirms takeover approach for Villa 