Wes Edens And Nassef Sawiris Acquire A Stake In Aston Villa Football Club
Businessman and entrepreneur Wes Edens and Egyptian billionaire Nassef Sawiris recently bought a stake in the Aston Villa Football Club. Tony Xia, the majority stakeholder, acquired the team two years ago. He will remain on the board and will also continue in his role as co-chairman.
It was confirmed on Friday that the acquisition was completed and approved by the EFL.
“We are glad to have brought on such strong partners. With Nassef Sawiris and Wes Edens onboard, our team will quickly regain the success of old”, said Xia.
After winning 7 championships, Aston Villa was dropped to second-tier status. The drop proved to be a huge blow financially for the team after 29 years on top of the league. Aston Villa lost $80.7 million by the end of 2016 and $14.5 million the next year.
“We look forward to working with Mr. Xia to get a proper assessment of the strength of the club. Our priority is to strengthen the team to make sure it is ready for the upcoming season and beyond,” commented Sawiris and Eden.
According to Forbes, Sawiris is the richest person in Egypt with an estimated fortune of $8.6 billion. Sawiris has significant holdings in fertilizer company OSI, as well as cement giant Lafarge Holcim and Addidas Footwear. He also has major shares in NNS Group, a US private equity firm that owns Bruins Sports Capital.
Businessman Wes Edens is the owner and CEO of Fortress Investment Group. The company is a global power with nearly $400 million in asset management. Edens founded the company in 1998. Over the last 20 years, he has helped the company expand. Today, the company has an estimated worth of $40.9 billion.
Wes Edens is also the co-owner of the Milwaukee Bucks NBA franchise, Springleaf Financial Services, as well as the League of Legends team, Flyquest. Aston Villa: Wes Edens & Nassef Sawiris to make ‘significant investment’ in club