HomeBusinessmanWes Edens Partners With an Egyptian Billionaire to Buy Aston Villa
July 27, 2018
Wes Edens Partners With an Egyptian Billionaire to Buy Aston Villa
Champion play-off finals are a very important event for both participants. This year’s edition showed how Aston Villa’s fame has dwindled when they lost to Fulham. A loss like this can have a consequential financial impact on any football club. Aston Villa was hit so hard that they mortgaged the car park to pay taxes.
Several decisions and events led to the financial problems at the club. After the 2016 relegation, the club spent a significant amount of money on transfer fees and free and loan signings with the aim of winning more champions league titles. These decisions, among others, made the situation even worse. Mortgaging the car park was one of the desperate moves to salvage the financial predicament.
Things are looking good for the club after American Financier Wes Edens and Egyptian billionaire Nassef Sawiris purchased majority stake at the club. The previous owner, a Chinese businessman, Tony Xia, will be retained as co-chair and board member. In a statement after the deal was done, Wes Eden indicated that they will thoroughly assess and evaluate the club in the coming days.
Although this might have come as a relief for the club, more challenges lie ahead. For example, some of key players are uncertain about their stay at the club, yet the league is expected to resume soon. In addition, the future of the coach is also uncertain after leading the club to several consecutive losses. A steady leader is an essential element to the success of any football club.
About Wes Edens
Wes Edens is an American businessman, with an interest in private equity investment and sports. Edens co-founded Fortress Investment Group and he is also a co-owner of Milwaukee Bucks and the owner of League of Legends. He graduated with a B.S in Finance and Business Administration from Oregon State University.