Ellis vows to stay on as Villa chairman

Doug Ellis, the Aston Villa chairman, yesterday insisted that he will retain his position despite the club admitting that discussions are under way with potential major new investors.

Ellis, speaking after a rowdy annual meeting at Villa Park, said he received "unsolicited approaches" in mid-summer from intermediaries acting on behalf of parties interested in buying shares, and it was confirmed in a statement to the Stock Exchange this morning that further talks have taken place.

"I am not moving off the chair of this club, despite the annoyance," he said, adding that he respected Villa shareholders' views. "They know more about football than most of us. The fact is that the club is in a financially stable position to go forward."

Ellis compared Villa light-heartedly with their Premiership colleagues Chelsea, who have been transformed by the arrival of their mega-rich new owner, Roman Abramovich.

"If anyone did come in they would have a wonderful buy. Chelsea's debts were enormous, so all I can say is 'Please, Mr Abramovich, do you have a cousin for us?"'

Today's Stock Exchange statement was followed by an assurance from the sports lawyer Mel Goldberg that members of a South American consortium - who will fly into England this weekend to discuss the possibility of buying into a major club - are not those referred to in Villa's announcement.

The Venezuelan billionaire, Gustavo Cisneros, was linked with the club. Goldberg was believed to be representing him in discussions with Ellis.