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Cleveland Browns owner Randy Lerner completes Villa takeover

Cleveland Browns owner Randy Lerner became chairman of Aston Villa on Tuesday, completing the second American takeover of an English Premier League soccer club.

Villa chairman Doug Ellis and four members of his board resigned after Lerner increased his stake to almost 90 per cent, the level at which he can legally buy out the remaining shares in the Birmingham club.

In a statement to the London Stock Exchange, Villa announced the appointment of Lerner as chairman and retired Gen. Charles C. Krulak, Bob Kain and Michael Martin as non-executive directors.

Earlier, Lerner's takeover vehicle _ Reform Acquisitions Ltd. (RAL) _ told the Stock Exchange that it had raised its stake in the club to 89.69 per cent.

``The offer has been declared unconditional in all respects,'' the company said.

Lerner submitted a 62.6-million pound (US$132.6 million) bid on Aug. 14 to buy Aston Villa, one of English soccer's oldest clubs.

Lerner plans to take the club off the stock market and into private ownership on Oct. 17.

Villa manager Martin O'Neill said he will meet with Lerner later this week. Lerner is scheduled to fly to England this week for Villa's games against Scunthorpe and Charlton.

Villa, established in 1874, hasn't won the English league title since 1981.

Lerner is the second American owner of a Premier League team, and the fourth foreign owner. Last year, Tampa Bay Buccaneers owner Malcolm Glazer took over at Manchester United.

Ellis stepped down after 35 years of running Villa over two stints. He was chairman from 1968-75 and from 1982 until Tuesday.

Krulak is the former commandant of the U.S. Marine Corps and a current director of ConocoPhillips and Phelps Dodge. Kain is a former president and co-chief executive officer and a current director of the IMG sports management agency. Martin is president of Brooklyn NY Holdings, the assent and investment management company of the Lerner family.


© The Canadian Press, 2007

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End: Cleveland Browns owner Randy Lerner completes Villa takeover
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