The club announced the acquisition to the Stock Exchange. Four consortia had been linked with the club but the Villa board have recommended Lerner's £62.6m bid. Lerner’s acquisition ends Doug Ellis’ reign as chairman of Villa.
Lerner said, "It is my belief and the basis for my bid that Aston Villa can compete at the highest level within the Premiership and in Europe." Lerner conducted the offer through his company Reform Acquisitions Ltd.
Ellis, 82, who was Villa chairman between 1968-75 and since 1982, is to leave.
