ASTON VILLA’S dramatic resurgence from Coca-Cola Championship material to prospective Champions League contenders gathered pace yesterday as the first move in Randy Lerner’s bright new dawn was to nail down Martin O’Neill, the club’s prized manager, to a lucrative six-year deal worth more than £10 million.
After his £62.6 million takeover bid for the ailing Barclays Premiership club was accepted, the American business tycoon kick-started the revolution at Villa Park by moving swiftly to reward O’Neill’s confidence in joining Villa before Doug Ellis, the outgoing chairman, had confirmed his departure. The former Celtic manager had a one-year rolling agreement but will now be offered the longest managerial contract in the Premiership.
Faith in the takeover of the West Midlands club was reflected by a plc share price that rose by a remarkable 8 per cent yesterday to finish on a record high of 537.5p. The day before David O’Leary, the former manager, was dismissed four weeks ago tomorrow, it ended at 375p.
Lerner, whose fortune is estimated to be worth $1.2 billion (about £630 million), wants Villa to be competing at the highest level of the Premiership and Europe and will provide O’Neill with the means to invest heavily in players during the January transfer window.
The optimism emanating from Villa Park has been generated both by O’Neill’s arrival and by yesterday’s confirmation that Reforms Acquisition Limited has had its bid recommended to shareholders by Ellis and Jack Petchey, who together own more than half of the club.
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Villa fans had been dreading this season. Having finished sixteenth in the Premiership three months ago, only 13,000 had renewed their season tickets. In one fell swoop, Ellis enhanced the legacy he leaves the club by appointing O’Neill as his fourteenth manager. The Northern Irishman, 54, had been out of the game for 15 months since leaving Celtic for personal reasons but was interviewed by the FA for the England head coach’s job as he eyed a return to employment.
O’Neill had spoken to Michael Neville, the leader of a rival consortium, and Lerner before joining Villa. Yesterday’s announcement to the Stock Exchange verified the integrity of the American’s takeover.
Lerner said: “It is my belief and the basis for my bid to acquire Aston Villa Football Club that it can compete at the highest level within the Premiership and in Europe. The club has a rich history and a long tradition of passionate fan support.”
Keith Harris, the former chairman of the Football League who smoothed through Roman Abramovich’s buyout of Chelsea three years ago, brokered the deal that is dependent on a sufficient proportion of shareholders accepting the offer of £5.47 per share by September 4. Ellis’s recommendation that this is a “fair and reasonable” price suggests that this should be a formality.
“It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder,” Ellis said. “The club has been an enormous and immensely enjoyable part of my life. I wish to thank the many staff at Aston Villa over the years for making the club what it is.”
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O’Neill will head to a League Managers Association meeting in Blackburn today intent on strengthening his squad, with Stilian Petrov, the Celtic playmaker, set to become his first signing. Thomas Gravesen, the Real Madrid midfield player, and Steed Malbranque, who is out of favour at Fulham, could provide alternatives if a deal of about £5 million cannot be agreed with the Scottish club.
Ellis will remain at Villa Park in a non-executive position, as life president. Lerner, the owner of the Cleveland Browns, the NFL American football franchise, will take a hands-on role as he commutes from New York but will ask Steve Stride, the club secretary, to continue in his day-to-day post as operations director.
In addition, upon the recommended offer becoming wholly unconditional, Lerner will bring on board three new directors, Bob Kain, the president of IMG, the sports management agency, General Charles C. Krulak, a former commandant of the US Marine Corps, and Michael Martin.