Aston Villa confirm they did NOT break FFP rules which would have seen them have to sell stars as they hand £30m payout to former owner Randy Lerner
- Aston Villa have announced they did not breach Financial Fair Play rules
- There were fears they would have to sell their star players to avoid punishment
- The club handed £30million to former owner Randy Lerner after promotion
Aston Villa have confirmed they did not breach Financial Fair Play rules amid fears they would have to sell their star players to comply and avoid the punishment of a possible points deduction.
The club also announced a financial loss of £68.9million in the latest accounts published which includes a £30m contingent payment to former owner Randy Lerner, agreed when another former owner Dr Tony Xia purchased the club in 2016, after the club sealed promotion in May.
It was previously thought that Villa had until the summer to raise the funds and ensure they were within their spending limits to avoid punishment by the Premier League,
Aston Villa have announced they did not breach Financial Fair Play regulations last year
It was believed that the sale of players – such as star man and captain Jack Grealish – would have been essential in order to comply with the rules.
Villa narrowly avoided breaching the EFL’s profit and sustainability rules during their promotion season through the controversial sale of Villa Park to a company owned by current owners Nassef Sawiris and Wes Edens, which raised £56.7million.
Since taking over Villa NSWE SCS, the owners’ company, have pumped £105.7m into the club in order to settle debts accumulated by former owner Xia.
The £30m payment to Lerner, who sold the club in 2016 following Villa’s relegation, was agreed by Xia as part of his purchase, and after his company Recon Group Limited were unable to make the payment, the club were liable.
The financial situation sparked fears the club would have to sell players such as Jack Grealish
A statement on the club website read: ‘Aston Villa can confirm that in the 3-year period ending May 31, 2019, the Club complied with the EFL’s Profitability & Sustainability Rules. After promotion, The Premier League reviewed and confirmed compliance in accordance with their own policies and procedures.
‘Exceptional promotion-related costs of £45.8m including a one-off £30m contingent payment to former owner Randolph D Lerner were substantial contributory factors in the £68.9m loss recorded in Aston Villa’s group accounts for the year ended May 31, 2019 published today.’
Villa have spent big in their first season back in the Premier League, bringing 16 new players over the summer and in January totaling over £140m.
Villa narrowly avoided the EFL’s profit and sustainability rules in their promotion season
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