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New Aston Villa owner Dr Tony Xia has revealed he wants to rebrand Villa Park once he completes his takeover.

But the Chinese magnate will try to appease fans by promising up to £50million on new players at the relegated club this summer.

Xia has bought out wantaway US owner Randy Lerner in a deal which will rise to more £100m if the bottom club bounce back straight away.

He has confirmed talks with former Chelsea and West Brom boss Roberto Di Matteo, about filling their managerial vacancy.

Xia's Recon Group include assets such as Lotus Health, a health food business.

(Image: BBC)

Xia told the Beijing Times: "One of the things we have thought about is using the Lotus Health name to rebrand Villa Park.

“Villa Park is a very historical stadium, so we will not simply and callously destroy a club's history.

“We want to use Villa's history and it's substantial fan base around the world to also promote Lotus Health products and services globally.

“The ideal scenario would be for fans to enjoy Lotus Health products at Lotus Villa Park, it would be a great great advert for both brands."

(Image: Laurence Griffiths)

But American-educated Xia, 39, insisted he would not be "burning money" to get the club promoted and turned into top six contenders once more.

He has worked for 20 years with the Chinese government to help move a share of around 500 million people from rural to urban living.

“If you see what he has achieved in his business career, frankly it’s amazing,” said outgoing Villa chairman Steve Hollis.

Zhe Ji, director of Red Lantern Digital Media, a specialist UK-China sports marketing firm, said:

“This is the latest example of China’s desire to invest in football properties both at home and abroad.

"The Chinese investor in Villa will hope to make a swift return to the Premier League – and push the club on from there.”