Aston Villa takeover moves closer

THE Irish consortium looking to buy Premier League strugglers Aston Villa said yesterday they are still in talks with the club’s management but no deal has been struck yet.

Aston Villa Investments Limited (Avil), which is backed by millionaire Irish builders Brian and Luke Comer, says talks are progressing, though it was still possible that an offer may not be made. The takeover would cost the consortium around €100 million.

“Due diligence is progressing and Avil is focused on settling its financing arrangements. Avil also wishes to make it clear that it is committed to concluding a transaction on terms acceptable to the major shareholders of Aston Villa and to enable the club to prosper in the future,” Avil said in a statement to the London Stock Exchange yesterday.

If the Comer brothers are to be successful they will need the backing of Doug Ellis, the veteran Villa chairman who is also the club’s largest shareholder. Mr Ellis, who is in his 80s, has come in for strong criticism from fans for not investing more in the club. Mr Ellis and another major investor, Jack Petchey, own 58% of the club’s shares.

Without the agreement of Mr Ellis and Mr Petchey no bid will be successful.

The Comers, who are from Galway and are both in their mid-40s, made their fortune in London by converting old houses into luxury apartments.

According to some estimates, the brothers’ company (Comer Homes Group) is worth around €1 billion.

Luke Comer is also a successful horse trainer, with a large stud and training facility in Dunboyne, Co Meath.

The consortium have promised cash to Villa manager David O’Leary to buy new players if the takeover bid is agreed.