China scores with Aston Villa soccer deal

May 20, 2016 9:36 AM (UTC+8)

 

A private Chinese conglomerate is ready to rebuild the Aston Villa soccer club after paying 75 million pounds

(From Caixin Online)

A Beijing-based conglomerate has offered to pay 75 million pounds in cash for an English soccer club that recently lost its Premier League status, the company’s chairman told Caixin.

Aston Villa, a club knocked from the Premier League to the lower rung Football League due to the team’s poor performance, said in a statement on its website that China’s Recon Group offered to acquire 100 percent of the club on May 19.

The pending deal still needs a green light from each soccer league, the club said.

Recon Chairman Xia Jiantong, whose company’s five subsidiaries do business in a variety of fields from monosodium glutamate production to IT services to alternative energy autos, said the deal was a bargain.

“Seventy-five million pounds is not a big investment,” Xia told Caixin. Read more

Aston Villa fans in Villa Park's Holte End in UK
Aston Villa fans in Villa Park’s Holte End in UK (Wikimedia)

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