Aston Villa takeover begins to look unlikely

THE takeover of Aston Villa football club by a group of Irish investors is beginning to look increasingly unlikely.

The club issued a statement last night saying it has not been provided with any detailed financial plans by Brian and Luke Comer, the millionaire builders backing the bid.

“As per our announcement dated October 31, 2005, the board has held discussions with Aston Villa Investments Limited (AVIL) in the context of AVIL having provided Aston Villa with an indicative proposal to acquire the company, which if converted into a firm offer, the board of Aston Villa would recommend to shareholders,” the club said in a statement to the London Stock Exchange.

“To date the board is not aware that AVIL has performed detailed due diligence on Aston Villa and has not been provided with evidence of AVIL’s financial ability to proceed with an acquisition.”

Villa said it has hired investment bankers Rothschild to act as financial adviser to help it determine the best strategy for the club’s future.

“This includes, amongst other strategies, seeking a possible acquirer for the company who would build on the achievements of the current management team and pave the way for future success.”

The statement contradicts an earlier comment by AVIL that it was moving ahead with the takeover.

The consortium is being fronted by Michael Neville, the chairman of the Irish-listed exploration company Minmet.

A takeover of Villa would cost around €100 million.