Randy Lerner, the owner of the British football club Aston Villa for the past eight years, has indicated that he is ready to sell, but he and Bank of America, who is handling the deal, have been unable to find a buyer in his higher price range. It is said that he may be willing to go as low as 100 million pounds sterling or $162 million, although he was hoping the number would be around 200 million pounds or $324 million.
Eight years ago, Lerner purchased the team for 62 million pounds or $100 million, but by 2010, he had already invested $324 million in Aston Villa. This means that Lerner will be taking a significant loss selling the club at just $162 million, but he has been losing money all this time holding onto the club. Lerner told the Daily Telegraph, “Fates are fickle in the business of English football. And I feel I have pushed mine past the limit.”
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Even though Aston Villa is not based in London, it could be a potentially valuable club, given the facelift done to Villa Park and that the club has a few outstanding players, such as Christian Benteke and Fabian Delph. Villa has performed well so far in the season, but it must reach the premiere league if Lerner has any hope of finding a buyer at a decent price.