Lerner takes majority stake

'We would expect other shareholders to follow suit and then there might be good news'
Randy Lerner
Lerner: Closing in on takeover. Photograph: Paul Spinelli/Getty Images Paul Spinelli/Getty

American billionaire Randy Lerner has taken a majority holding in Aston Villa after buying up shares from Doug Ellis and Jack Petchey. According to a statement to the stock exchange this morning, Lerner now owns 59.69% of the club's shares.

It takes Lerner, who has a £62.6m bid for the club accepted 10 days ago by the chairman Ellis, a step closer to taking over at Villa. Michael Neville's decision to withdraw his bid for control of the club has also cleared the path for Lerner.

The American, who owns the Cleveland Browns NFL team, will need to buy 75% of Villa's shares to assume full control, and getting a 90% stake means he would be legally entitled to buy the final 10%. Aston Villa Shareholders' Association voted last night to sell their shares to Lerner.

His advisor Keith Harris said: "We would expect in the next week for other shareholders to follow suit and then there might be good news."

Comparisons have been drawn between Lerner and fellow American Malcolm Glazer, who owns Manchester United, but Harris insists the two takeovers are totally different.

"From the fans' point of view, they have welcomed him," Harris said. "The Villa fans want change. Randy has inherited a club without borrowing huge sums of money which would be needed to service a debt."