Lerner takes full control at Villa

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LONDON, England -- American businessman Randy Lerner assumed full control of Aston Villa on Tuesday after acquiring 85.50 percent of shares in the Premier League soccer club.

The announcement was made in a statement to the London Stock Exchange by Lerner's takeover vehicle, Reform Acquisitions Ltd.

Lerner, owner of the Cleveland Browns of the NFL, needed 75 percent of Villa's shares to take full control of the Birmingham-based club.

When he reaches 90 percent, he can legally buy out the remaining 10 percent.

Lerner put in a 62.6 million pounds ($118.8 million) bid on August 14 to buy Aston Villa, one of the oldest clubs in English football.

He offered a price of 547 pence ($10.37) per Aston Villa share -- a premium of about 47 percent over the closing price on the last day before the offer period. The club was put up for sale last year.

Villa, established in 1874, last won the English league title in 1981.

Lerner replaces chairman Doug Ellis, who has run the team for more than 30 years.

Lerner is the second American owner of a Premier League team, and the fourth foreign owner. Last year, Tampa Bay Buccaneers owner Malcolm Glazer took over at Manchester United.

"Aston Villa was a club I had already thought about for a long time as I became more familiar with the Premier League over the last three or four years," Lerner told BBC Radio Five Live.

"It wasn't a lifelong thing. It would be dishonest and disingenuous for me to suggest it was. It seemed like an opportunity to make a little bit of a difference."

Lerner said the appointment of Martin O'Neill as team manager before the takeover was completed had made his job easier.

"I think Martin O'Neill is great," he said. "I think he's got the record, the history and the makings for a steady long-term commitment to Villa. That's the plan."

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