American businessman Wes Edens and Egyptian billionaire Nassef Sawiris have gone into an agreement to support Aston Villa Football Club by injecting some amount of capital into the club through NSWE. NSWE is an organization that the two jointly own. According to the duo, the deal will accommodate Tony Xia, a Chinese businessman who bought the club two years ago. Tony will be a co-chairman as well as remaining on the board. Tony argues that it was not a pleasant experience to come too close to achieving promotion in the last season. However, he claims that with the support that will be coming from the two leaders, the club will be able to strengthen and fight back to gain their lost glory.
EFL had accepted the transaction as well as the capital that was injected on Friday according to the club. According to the rules of EFL, the partners will have to go through all the approvals for confirmation as soon as possible. Aston Villa that has been a champion seven times was demoted in 2016 from the Premier League. The club has always been on the top tier for the last 29 years. Unfortunately, the club dropped to the second division something that has cost it much. In the financial year that ended on May 31, 2016, the Aston Villa Group recorded loses worth £80.7 million. Moreover, the club lost another £14.3 million in the following year.
Wes Edens and Nassef will work together with Tony in the coming few weeks to conduct a thorough assessment and evaluation of the club. Nassef and Wes Edens are concerned about strengthening the team as well as the structures ahead of the forthcoming season and beyond.
Nassef who is the wealthiest man in Egypt according to Forbes has a net worth of 6.8 billion. He owns OCI, a leading organization that manufactures nitrogen fertilizer. The company has plants in Iowa and Texas. Wes Edens is a co-Founder and co-CEO of Fortress Investment Group, a global investment manager. The company was founded in 1998 and has over $400 worth of assets in their control. Since he joined the organization, he and other principals have managed to grow the company’s assets to $40.9 billion. Nassef Sawiris and Wes Edens buy Aston Villa controlling stake