Aston Villa takeover: £60m sale of club to Chinese consortium led by Dr Tony Jiantong Xia confirmed

Midlands club - out of the top-flight for the first time in 28 years - have been sold to Dr Tony Jiantong Xia's Recon Group

Randy Lerner brought the Midlands club for £60m in 2006 but has sold up after a decade at the helm (Getty)

Aston Villa completed their sale to a Chinese consortium on Wednesday night, with former Chelsea manager Roberto Di Matteo favourite to take over as manager.

Previous owner Randy Lerner put the club up for sale in 2014 and chairman Steve Hollis had been in China finalising the move, having worked on the deal for the past few weeks.

"Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100% ownership by Randy Lerner to Recon Group owned by Dr Tony Jiantong Xia," a club statement read. "Subject to the approval of the Premier League and the Football League.

"Once those approvals have been granted and the new board members approved under the fit & proper rules of both leagues, Dr Xia will become Chairman of Aston Villa. The Club will announce the appointment of a new manager shortly.

"Randy Lerner has sought the right new owner for Aston Villa who would take great care of the Club and restore its fortunes. He believes that Tony Xia is an excellent choice.

"Recon Group is Dr Xia's privately owned holding company that owns the controlling interest in five publicly listed companies on the Hong Kong and Chinese stock exchanges and many other private companies employing 35,000 people in 75 countries.

"Dr Xia played football as a striker until he finished at college and football has remained his passion. Dr Xia decided to buy an iconic football Club in England as the cornerstone of his Sports, Leisure and Tourism Division. He became a fan of Aston Villa many years ago and is delighted at the opportunity to become the new owner.

"Dr Xia's immediate objective is to return Aston Villa to the Premier League and then to have the Club finish in the top six, bringing European football back to Villa Park. He plans to make Aston Villa the most famous football Club in China with a huge fan base."

The Midlands club are preparing for a first season outside the top-flight in 28 years after managing just three league wins and 17 points all season, finishing bottom.

The sale, which is subject to Football League approval, could be worth up to £60million - similar to the amount Lerner paid for the outfit in 2006.

Rémi Garde lasted just five months - and 23 games - at Villa Park this season (Getty)

Representatives of the former MK Dons, West Bromwich and Chelsea coach are believed to have already been contacted about their client succeeding Remi Garde at Villa Park, while former Leicester manager Nigel Pearson has also been mentioned.

Garde himself lasted less than a season at Villa Park, having only replaced Tim Sherwood in November.

Di Matteo won promotion with West Bromwich in 2010 as well as both the Champions League and FA Cup during his time at Chelsea in the 2011/12 season.

He resigned after seven months as Schalke manager last May.

Disenchanted supporters staged several protests against Lerner this season, voicing their anger at the club's decline under the American, which culminated in their demotion.

A fans group began an 'Out the door on 74' campaign, where fans were encouraged to leave during home matches after 74 minutes, to symbolise the year - 1874 - of the club's formation.

Nearer the end of the season, fans held up placards reading 'Proud History What Future?'