Browns Owner To Buy English Soccer Team
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Another billionaire NFL owner is set to take over an English soccer club.
Cleveland Browns owner Randy Lerner put in a $118.8 million bid yesterday to buy Aston Villa, one of the oldest clubs in English soccer. Last year, Tampa Bay Buccaneers owner Malcolm Glazer took over Manchester United, one of the world’s most popular soccer teams.
The Aston Villa board recommended the transaction to shareholders and said owners of 56.85% of the shares were committed to the deal. Lerner is expected to take over within months.
“The basis for acquiring Aston Villa is that it is a storied club dating from the 1870s with periods of treasured memories and glory,” Lerner said. “The opportunity to be a part of strengthening Villa’s business operations and facilities represents a broad set of challenges that I’m eager to take on.”
Villa chairman Doug Ellis, who has run the Birmingham-based club for more than 30 years and owns 39% of the stock, put the team up for sale last year.
Lerner’s takeover vehicle, Reform Acquisitions Ltd., offered $10.37 a share, the principals announced to the London Stock Exchange yesterday. That represents a premium of about 47% more than the closing price on September 16, 2005, the last day before the offer period. Many English soccer teams are listed on the stock market to raise money from investors.
Lerner, the former chairman of credit card giant MBNA, took over as the Browns’ principal owner following the death of his father in 2002. Through MBNA, he’s had extensive business dealings in Britain.
