This article is more than 2 years old

This article is more than 2 years old

Aston Villa will receive “significant investment” from NSWE, a company controlled by billionaires Nassef Sawiris and Wes Edens, the Championship club have announced.

The club’s owner, Dr Tony Xia, engaged in talks with the Egyptian group, eventually agreeing to a co-ownership model. Xia will remain on the board at Villa Park and become co-chairman.

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Since Aston Villa lost the play-off final against Fulham in May, Xia has been seeking investment. The club missed a £4m payment to HMRC and have relied on Xia to cover financial shortfalls, which reached a reported £40m.

Sawiris is worth a reported £5.2bn, according to Forbes. His co-investor, Edens, has experience in sport, as he co-owns basketball franchise the Milwaukee Bucks.

Xia said: “I am extremely pleased to have formed a strategic partnership with Nassef and Wes. We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.

“To have come so close to achieving promotion last season was a humbling experience. In finding such strong partners as Nassef and Wes we’re gearing up to fight again and bring back the success that this club deserves and we all so want to provide it with.

“The future is exciting on a number of fronts and I look forward to exploring further business collaborations.”

Now that the deal is in place, the club’s hierarchy hope to start making signings, following a slow start to the summer which has seen no new arrivals due to the financial constraints at Villa Park. John Terry departed and key midfielder Jack Grealish was heavily linked with a move away, as the club looked to reduce costs.

Sawiris and Edens said: “As lifelong football fans, we are excited and privileged to have become part of this great club. We believe that together we bring business and sports experience that will help strengthen the club to ensure Aston Villa can return to its rightful place in the upper echelons of English football.

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“Our goal is to bring sustainable success to the club, building on its rich history while respecting its loyal fan base and unique culture. We understand that we are stewards of Aston Villa on behalf of the fans and we take that responsibility seriously.”