Lerner moves closer to full Villa control

Fast Lerner: Aston Villa becomes another foreign owned club
14 April 2012

American Randy Lerner has assumed full control at Aston Villa and confirmed today he is approaching the 90% of shares required to force all remaining holders to sell their stock.

Lerner's Reform Acquisitions Ltd company have taken their holding to 85.50% in a short space of time, having possessed just 59.69% when the Cleveland Browns owner assumed charge from Doug Ellis last month.

That same 90% mark is the level of shareholder support required by Lerner's Reform Acquisitions Ltd (RAL) company before the takeover can be complete.

But the club said in a statement: "Supporters should be aware that the situation remains ongoing and that this announcement, whilst reflecting shareholder acceptance of 85.5%, does not constitute an end to the takeover process. "RAL's offer for the company remains conditional on 90% shareholder acceptance."

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

Lerner officially took over at Villa Park on August 25 and announced that the first closing date for his offer to shareholders would be September 4.

Under Stock Exchange rules, Lerner was obliged to provide an update today and he has now extended the offer until September 18.

He required 75% of shares to gain control and once he reaches 90% can compulsarily take his stake to 100%. Lerner announced he now possesses 9,790,187 of the 11,449,245 shares in Villa.

Lerner, whose wealth has been estimated at 1.3billion US dollars - £682million - had his £62.6million offer for Villa accepted by long-serving chairman Ellis, who recommended it to shareholders. It amounted to 547 pence per share.

With Ellis standing aside, Lerner has assumed the role of chairman and Villa have made a strong start to the Barclays Premiership season under new boss Martin O'Neill.

Before today's announcement, Lerner revealed he monitored events at Villa Park for more than three years before buying, but admitted it was not a "lifelong" dream.

The Cleveland Browns owner told BBC Radio Five Live: "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.

"I just became more and more focused, the people I was working with in London had advised I continue to stay focused and that it (Villa) may be available, Mr Ellis may be of a mind to sell it and it kind of built on itself.

"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 admits his job has been made easier by the appointment of O'Neill, by Ellis, before the takeover was completed.

"I think Martin O'Neill is great," Lerner added.
"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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