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Aston Villa set to receive 'significant investment'

Aston Villa are set to receive "significant investment", the Sky Bet Championship club have announced. Credit: PA

Aston Villa are set to receive "significant investment", the Sky Bet Championship club have announced.

Owner Tony Xia has been holding talks to relinquish control of the club to an Egyptian group, in what will be a co-ownership deal.

The Chinese businessman has spent the summer searching for fresh investment to plug a reported £40million deficit after Villa failed to win promotion back to the Premier League last season.

A statement issued by the club said: "Dr Tony Xia and Aston Villa Football Club announce that NSWE, a company that is jointly owned and controlled by businessman Nassef Sawiris' group NNS and businessman Wes Edens, will immediately inject significant investment capital into the club. At the same time, Dr Tony Xia will become co-chairman and remain on the board."