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Villa deal completed

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Aston Villa has been sold to Chinese businessman Tony Zia for £60m.   Xia has a strong track record as a businessman in China.   His Recon Group is a holding company which controls five companies.

The new owner says that he is prepared to spend £50m on new players and wants to make Villa the most popular club in China.

Outgoing owner Randy Lerner sank tens of millions of pounds into the club during his period of ownership.  He said farewell in a rambling statement on the club website.

Chinese investors have been targeting leisure and entertainment assets globally with the Chinese president making football a particular target.   It is the second time in six months that Chinese investors have bought into an English club.