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Aston Villa owner Randy Lerner is getting closer to selling the Premier League club following negations with an unknown bidder.
Early favourite Paul Smith, who offered £150 million to buy the club, appears to no longer be in the running, but could return if the exclusivity period passes without Lerner accepting a bid.
Exclusivity grants a bidder the sole right to deal with Lerner over a six week period if the American is happy with the offer, and it’s believed that the former Chelsea executive Smith hasn’t reached exclusivity with the Birmingham club.
The identity of the newest bidder remains unknown, with both parties having signed a non-disclosure agreement.
Lerner is looking to receive anywhere in the region of £200-300 million for the club. The club was valued at £200 million when he put the club up for sale one year ago, but Lerner, who purchased Aston Villa for £55 million in 2006, believes the club is worth £300 million now.
If exclusivity is reached, it could mean that the beaten F.A Cup finalists could be taken over before the new Premier League season kicks off, leaving time for new manager Tim Sherwood to invest in his squad ahead of next season’s campaign.
And despite reaching the cup final, his side only just avoided relegation from the Premier League, finishing 17th, so financial backing into the squad would help his side next season.
