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Ailing Aston Villa boosted by billionaire investors

Tim Goode - PA Images / PA Images / Getty

Aston Villa has finally received some good news.

The financial crisis that has befallen the former giant of English football looks set to be eased, as the club announced a new investment from NSWE, a company jointly owned and run by businessman Nassef Sawiris' group NNS and businessman Wes Edens. Current owner Dr. Tony Xia will transition into a co-chairman role.

In a joint statement, Sawiris and Edens said: "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."

The billionaire duo acquired a 55 percent stake in the club for around £30 million, sources told Bloomberg's Aaron Kirchfield and David Hellier.

Sawiris is the executive chairman of NNS Group, described by Villa as "a prominent investment company focused on building long-term strategic equity stakes in high-growth, sector-leading companies," and is also an investor in Adidas. Edens is probably best known as the co-owner of the Milwaukee Bucks basketball franchise since 2014.

Villa's financial trouble stems from before its relegation from the Premier League in 2016, but has been exacerbated by its desperate - and so far unsuccessful - attempts to return to the big time as Xia has pumped money into the club to finance signings.

Xia had been seeking investment since the club missed its golden chance to get back into the Premier League by losing the play-off final to Fulham in May. That defeat saw Villa miss out on an estimated £160 million in extra revenue, and ultimately led to it coming up short on a tax payment. As of early June, Villa owed HMRC some £4 million, and The Guardian estimates the club's total financial shortfall to be around £40 million.

As a result of that mess, Villa's summer is yet to get off the ground. Last season's loanees have returned to their parent clubs and captain John Terry left after the expiration of his year-long contract, but not a single player has been added to the depleted squad, either permanently or on loan. Key players such as Jack Grealish and James Chester have been widely expected to leave for several weeks. There is no indication yet what this deal means for the future of manager Steve Bruce.

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