Lerner gets 90%

The takeover of Aston Villa is done and dusted, after the American billionaire Randy Lerner on Tuesday reached the crucial 90% shareholding percentage.

Now that he has reached this number, Lerner can exercise his right to force all other shareholders to sell up to him. He is almost certain to take advantage of this regulation.

Lerner, who is also the owner of NFL team Cleveland Browns is already chairman of the club after succeeding Doug Ellis on the 19th September. Ellis, however, will still play a role at the club he has resided over for more than 30 years. He will now have an honorary presidency position.

A statement to the Stock Exchange from Lerner's company Reform Acquisitions Limited read: "Ral has now received valid acceptances of the offer in respect of more than 90% of the Aston Villa shares to which the offer relates."

"Accordingly, Ral has today issued notices under Schedule 2 to the Takeovers Directive (Interim Implementation) Regulations 2006 to those Aston Villa shareholders who have not already accepted the offer, informing them that it now intends to exercise its rights to acquire compulsorily all the Aston Villa shares outstanding at the expiry of the requisite notice period. In the meantime, the offer remains open for acceptance."

Tributes have since been made to the club's former figurehead. After the 0-0 draw with Watford at Vicarage Road, Ellis spoke to the players to inform them that it would be his last game as chairman, and to thank them for their services.

The players were swift to repay the complement, with goalkeeper Thomas Sorensen leading the way;

"Mr Ellis told us it was his last game but he will always be around the club. He means a lot to Aston Villa and should always have an honorary place in the stadium for the rest of his life."

Now, the club will look to the future and the presence of a billionaire at the helm and rumours of a sponsorship deal will increase the expectation of big signings in the January transfer window.