English Football League club (EFL) Aston Villa has announced that it is to receive a “significant cash injection” from NSWE, a company that is jointly owned by billionaire businessmen Nassef Sawiris and Wes Edens.
It follows club owner Dr Tony Xia’s decision to embrace a co-ownership model. Xia will become Villa co-chairman under the new deal.
In a statement, the Championship club confirmed that the capital injection and transaction had been approved by the EFL.
It continued: “Dr Tony Xia and the Club are energised and excited about their interactions with Nassef and Wes and their teams and are confident that as strategic partners they bring exceptional business, sport and leisure expertise that will enhance the Club’s future prospects.
“The parties look forward to working in partnership to drive Aston Villa forward to success.”
Commenting on the deal, Xia said: “I am extremely pleased to have formed a strategic partnership with Nassef and Wes. We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.
“To have come so close to achieving promotion last season was a humbling experience. In finding such strong partners as Nassef and Wes we’re gearing up to fight again and bring back the success that this Club deserves and we all so want to provide it with.
“The future is exciting on a number of fronts and I look forward to exploring further business collaborations.”
Nassef Sawiris and Wes Edens commented: “As lifelong football fans, we are excited and privileged to have become part of this great Club. We believe that together we bring business and sports experience that will help strengthen the Club to ensure Aston Villa can return to its rightful place in the upper echelons of English football.
“Our goal is to bring sustainable success to the Club, building on its rich history while respecting its loyal fan base and unique culture. We understand that we are stewards of Aston Villa on behalf of the fans and we take that responsibility seriously.
“We look forward to working with Dr Tony to undertake a thorough assessment and evaluation of the Club in the coming weeks and our priority is to strengthen the squads and structures ahead of the upcoming season and beyond.”
Sawiris’ NNS Group is a significant shareholder in adidas AG and also in Bruins Sports Capital, a US Private Equity firm exclusively focused on the sports industry.
Edens is co-owner of the Milwaukee Bucks NBA franchise, which has seen significant on-the-court improvement since he came on board.
Aston Villa, one of English football's founding clubs, was relegated from the country's top-flight for the first time in its history at the end of the 2015-16 season.