In a statement Wednesday to the London Stock Exchange, the American said he had increased his stake in the club to more than 90 per cent, the level at which he can legally buy out the remaining shares in the Birmingham club.

The owner of the NFL's Cleveland Browns, Lerner is expected to take the team off the stock exchange and run it as a private company.

Lerner became chairman of the club last week, replacing Doug Ellis.

Lerner, through his takeover vehicle Reform Acquisitions Limited, is the second American to take over a Premier League team. Last year, Tampa Bay Buccaneers owner Malcolm Glazer took over at Manchester United.