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Aston Villa’s American owner, Randy Lerner, puts club up for sale

May 12, 2014, 7:05 AM EDT

Randy Lerner AP

After eight years as Aston Villa’s owner American businessman Randy Lerner is finally selling up.

Rumors have persisted throughout recent months that Lerner, 52, would sell Villa this summer and just one day after the 2013-14 season ended the former Cleveland Browns owner has put the Midlands club on the market where they are believed to be valued at $300 million.

In a statement on Villa’s website Lerner gave detailed reasons for selling up as he believes that fresh impetus and a new approached is needed to life the club back to its glory days of the past. During his time at the helm of Villa they finished in in the top ten four years in a row from 2007-2011, with Martin O’Neill delivering three top six finishes back-to-back.

Lerner, from Brooklyn and estimated to have a fortune worth over $2 billion, just couldn’t transform Villa’s fortunes on the pitch as several top players including Garteh Barry, James Milner, Gary Cahill and Ashley Young moved on in recent years.

However over the last three seasons the club has battled against relegation with Alex McLeish and Paul Lambert at the helm, as Villa’ approach of nurturing young talent and being frugal in the transfer market hasn’t paid dividends. Lerner will leave Villa in good shape as their Bodymoor Heath training ground and Villa Park stadium boast some of the best facilities in the PL.

In his statement on the website Lerner confirmed he has engaged Bank of America Merrill Lynch to work on the sale of Villa, and this is what he had to say about his decision.

Several weeks back I said that following the end of the season I would clarify my future role with the Club, and address what had become seemingly constant rumors of a sale. I have come to know well that fates are fickle in the business of English football. And I feel that I have pushed mine well past the limit. The last several seasons have been week in, week out battles and having now come through this last season unfortunately limping amidst very meaningful injuries and constant sale rumors, I feel further that now is the time for me to look for new ownership and thus new leadership.

Above all, the debt I owe Aston Villa whether as owner, Chairman, custodian or simply as a fan is to put the Club first. To make good on that debt, I owe it to Villa to move on, and look for fresh, invigorated leadership, if in my heart I feel I can no longer do the job.

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