Nassef Sawiris, an Egyptian billionaire, and American businessman, Wes Edens have concluded to invest a significant amount of capital into Aston Villa football Club through their jointly owned organization, NSWE. Tony Xia, a Chinese businessman who acquired the club two years ago, will remain on the board as well as the co-chairman. Tony claims that it was a humbling experience to have come so close to obtaining promotion during last season. With the support that will come from the two leaders, Tony promises that they are now ready to gear up the fight to bring back the club’s glory that it deserves.
On Friday the club confirmed that the EFL had approved the transaction and the injected capital and the involved partners will work to through all the confirmatory approvals that EFL requires as soon as possible. The seven-time champion, Aston Villa, was relegated in 2016 from the Premier League. For the last 29 years, the club has always been on the top division. However, the drop that the club experienced to the second tier strained the club financially. The Group of Aston Villa recorded £80.7 million worth of loses for the financial year that ended May 31, 2016, as well as losing another £14.3 million the following year.
According to Nassef, Wes Edens and him will work closely with Tony to undertake a thorough evaluation and assessment of the club in the coming few weeks. The priority of the two is to strengthen the structures and the squad ahead of the upcoming season and beyond.
Nassef is Egypt’s wealthiest man, and according to Forbes, he has a net worth of $6.8 billion. He operates OCI, one of the leading nitrogen fertilizer manufactures, with plants in Iowa and Texas. Wes Edens is the co-CEO and co-founder of Fortress Investment Group. Fortress Group is an international investment manager. The company was established in 1998 with over $400 million of assets under its management. Wes Edens and other principals of the company have enabled the organization to grow its assets to c. $40.9 billion by March 31, 2018. Billionaire Sawiris, Edens to Buy Aston Villa Soccer Club