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Randy Lerner confirms he is selling Aston Villa

Randy Lerner is selling Aston Villa eight years after he agreed a £62.6m takeover of the Midlands club. Credit: Nick Potts/PA Archive

Aston Villa owner Randy Lerner has said in a statement that he intends to sell the Premier League club.

"Now is the time for me to look for new ownership and thus new leadership," Lerner said, adding that Bank of America Merrill Lynch has been hired to advise on the sale.

The American owner was widely expected to make a significant statement after confirming last month that he would clarify his own future at the club at the season's end.

Villa concluded the 2013-14 campaign with a 3-0 defeat at Tottenham yesterday to finish in 15th place in the league, five points above the relegation zone.