• American says time is right 'to look for new ownership' • Thanks his manager for 'delivering selflessly'

Randy Lerner has finally put an end to speculation over the future of Aston Villa by admitting the club is up for sale.

The Villa owner issued a statement on Monday saying that he had decided the time was right "to look for new ownership" and that he had "engaged Bank of America Merrill Lynch to advise on the sale of Aston Villa".

There was no mention of the future of the manager Paul Lambert, who may be surplus to requirements under a new regime, with fans having urged the club to sack the Scot during the 3-0 defeat to Totttenham Hotspur on Sunday.

Lerner thanked the manager and his chief executive, saying: "I have asked the world of Paul Lambert and Paul Faulkner and they have both delivered selflessly", but added ominously that it was time "to hand these privileges and responsibilities to the next person or group to take the club forward", suggesting that the pair's fate lay in others' hands. Villa finished a disappointing 15th in the Premier League after fighting off relegation for the majority of the season.

In his statement, Lerner, who as the owner of the American football team Cleveland Browns bought Villa from Doug Ellis for £62.6m in 2006, said: "Several weeks back I said that following the end of the season I would clarify my future role with the club, and address what had become seemingly constant rumours of a sale.

"I have come to know well that fates are fickle in the business of English football. And I feel that I have pushed mine well past the limit. The last several seasons have been week-in, week-out battles and having now come through this last season unfortunately limping amid very meaningful injuries and constant sale rumours, I feel further that now is the time for me to look for new ownership and thus new leadership.

"I have asked the world of Paul Lambert and Paul Faulkner and they have both delivered selflessly. On a personal level it is time for me, like the Shunammite*, to dwell among my own and get on with other aspects of my career following a sale."

Villa eached the League Cup final and the FA Cup semi-final in 2010 and began to run through managers. Martin O'Neill left before the start of the 2010-11 season to be followed by Gérard Houllier and Alex McLeish, who proved unpopular with the fans before he was replaced by Lambert, who had enjoyed modest success with Norwich City.

Lerener added: "Above all the debt I owe Aston Villa whether as owner, chairman, custodian or simply as a fan is to put the club first. To make good on that debt, I owe it to Villa to move on and look for fresh, invigorated leadership, if in my heart I feel I can no longer do the job."

He continued: "Still, I can see now that it is time, if possible, to hand these privileges and responsibilities to the next person or group to take the club forward. I am appreciative of the support I have received, even in these last years of comparative struggle when criticism was due, and will look on with others with fingers crossed, for stronger future performance appropriate to our size and heritage.

*The Shunammite: apparently a Biblical reference to a woman who was blessed with a child for her kindness and returned back to her own people to have her property restored