Ellis Replaced By Lerner At Aston Villa

American billionaire Randy Lerner has officially been installed as the chairman of Aston Villa after Doug Ellis vacated the role.

Lerner is close to completing his takeover of Villa after increasing his shareholding to 89.69%. He needs 90% of shares to allow him to compulsorily acquire the remaining 10%.

Ellis, 82, who has been associated with the Midlands outfit since 1968, will be given an honorary presidency at the Premiership club.

Ellis was chairman from 1968 to 1975 and then again from 1982 until the present day. He missed out on being at the helm when Villa won the old First Division title in 1981 and the European Cup in 1982.

A statement to the Stock Exchange read: "Aston Villa are pleased to announce the appointment of Randolph Lerner as chairman and General Charles C Krulak, Bob Kain and Michael Martin as new non-executive directors."

The club also announced that Steve Stride will remain as an executive director on the board of Villa.

Earlier, a statement to the Stock Exchange from Lerner's company, Reform Acquisitions Limited, read: "Accordingly the offer has been declared unconditional in all respects."

Shareholders will be given extra time to sell shares to Lerner but, at this stage of the takeover, the deal is effectively completed.

Lerner is likely to push forward with his plans to de-list Villa from the Stock Exchange by the middle of October and the Midlands club will revert back to being a private company.

Money can also be transferred to shareholders, including outgoing chairman Ellis, who will net around £21m for his stake in Villa.

Speaking after Saturday's 0-0 draw with Watford, Villa keeper Thomas Sorensen said: "Mr Ellis told us it was his last game but he will always be around the club. He means a lot to Aston Villa and should always have an honorary place in the stadium for the rest of his life."

Lerner, the owner of American football team the Cleveland Browns, has already been busy planning Villa's future.

He is hoping to line-up a £100m sponsorship deal by Christmas, which will provide manager Martin O'Neill with further funds for players alongside Lerner's own capital.

Lerner is also set to bring in a chief executive to handle the day-to-day running of Villa - a post that has been vacant since Bruce Langham resigned in May 2005.