Lerner edges nearer to closing Villa takeover

John Skilbeck
Wednesday 06 September 2006 00:00 BST
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Randy Lerner is on the brink of completing a 100 per cent buyout of Aston Villa, though he could face a nervous fortnight.

The American, who is thought to be worth around £680m and owns the NFL side the Cleveland Browns, has provisionally secured 85.5 per cent of shares at Villa Park. However, Villa pointed out that unless Lerner's investment vehicle, Reform Acquisitions Ltd, reaches the 90 per cent mark by 18 September, the deal may hit the rocks.

In a statement, Villa said: "Supporters should be aware that the situation remains ongoing and that this announcement, whilst reflecting shareholder acceptance of 85.5 per cent, does not constitute an end to the takeover process.

"RAL's offer for the company remains conditional on 90 per cent shareholder acceptance and the timescale for shareholders to return their forms of acceptance has now been extended by RAL until 1pm, 18 September.

"At this time, supporters should be aware that the existing board of directors, who recommended shareholders accept RAL's offer, currently remains in place."

Such has been the overwhelming support for Lerner's takeover, however, it seems implausible that it should collapse. The 90 per cent figure is significant because by reaching that mark Lerner would be able to buy out all remaining shareholders. Lerner had his £62.6m offer for Villa accepted by the club's chairman, Doug Ellis, who recommended it to shareholders at 547 pence per share.

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