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Aston Villa are set to be approached by a consortium of businessman over a potential takeover bid, according to the Sun.

The paper reports that Tony Xia is ready to sell up after the club's failure to win promotion to the Premier League.

Xia has admitted Villa face ‘severe Financial Fair Play challenges’ next season after they were beaten 1-0 in the Championship play-off final by Fulham and BirminghamLive understands they need to raise an estimated £40million to comply with FFP regulations in the Championship.

It is reported that a group of British businessman fronted by fitness entrepreneur and former football agent Matt Southall, are planning to approach Xia with a bid.

Xia paid around £60million for Villa when he bought the club from Randy Lerner in 2016.

He had hoped to get them back in the Premier League when appointing Steve Bruce in October of that year but faces a third season in the second tier.

Two of the claret and blues' biggest earners, John Terry and Gabby Agbonlahor, have already left as the club look to cut costs and further departures are expected.

The report states that Xia will sell if he can recoup the money he paid for Villa.

They add that Paul Senior, former director of football and operations at Blackburn Rovers, is also part of the consortium.

Xia said in a statement this week: “We are all aware that we will face severe FFP challenges next season.

“I am an Aston Villa fan. But I am also a businessman.

“Under the current circumstances, I think the club needs to rethink not only the past two years but also the past ten years.

“This is the ultimate reality that cannot be changed, but I can assure you that everyone behind the scenes is working tirelessly towards achieving our ultimate goal.

“We have been heavily investing for the past two seasons.

“However, the loss on Saturday means that we need to change a lot of things.”

Meanwhile, a football finance expert has explained how Villa's defeat to Fulham has left them seriously counting the cost this summer.

"The FFP black hole is between £40m and £45m," a source told us.

"Villa have gambled with expensive players on big wages but there will need to be a reality check this summer."

More Villa news: Xia's statement in full

This is what the Villa owner said in full:

"I know that all the Villa fans experienced a very frustrating and disappointing Play-Off Final last Saturday.

"After seeing many Villa supporters on Twitter hoping that I can publish a statement as soon as possible, I feel like it would be best for me to write the following words when I am relatively calm.

"I care as much about this club as anyone.

"Even though I am back in Beijing, I still can't recover from our game at Wembley.

"The emotion needs time to heal.

"However, I know that all our management staff, coaches, players and myself need to get back on our feet and prepare to fight again.

"Like everyone else, I'm delighted to see that under Steve’s management this season, we demonstrated character and unity.

"We fought like a team.

"Indeed, the loss is a pity, but we know how much effort and hard work our coaching staff and players put in this season.

"I want to thank Steve from the bottom of my heart, particularly for his remarkable level of professional focus despite losing his parents this year.

"With that, I would like to say thank you to Steve and his coaching staff once again for leading the team forward wholeheartedly throughout the season.

"We are all aware that we will face severe FFP challenges next season.

"I am an Aston Villa fan. But I am also a businessman. Under the current circumstances, I think the club needs to rethink not only the past two years but also the past ten years.

"Villa needs to be a sustainable football club. People join. People leave.

"That is the cycle of football.

"But the football club always remains through it all.

"This is the ultimate reality that cannot be changed, but I can assure you that everyone behind the scenes is working tirelessly towards achieving our ultimate goal.

"We have been heavily investing for the past two seasons.

"However, the loss on Saturday means that we need to change a lot of things.

"No one wanted to see the club have to go through this, but I believe that only changes can help the club to progress towards the positive direction and this requires the joint efforts of everyone associated with this great football club.

"No matter what the changes will be, I sincerely hope that everyone can unite and overcome the challenges together.

"Our goal has not changed and as long as we believe, regardless of how tough the process will be, I am sure we will succeed in the end.

"Thank you very much once again for all your support.

"Chairman Dr Tony Xia".