Aston Villa are being targeted for a £150m takeover by a consortium led by a former Chelsea director.
Paul Smith, who was the interim chief executive at Stamford Bridge in 2003, is understood to have been working on a Villa bid since last summer and, if successful, will consider handing Tony Adams, the former England and Arsenal captain, a football role with the club.
Sources with close links to Smith have suggested talks are at an advanced stage yet, at the same time, pointed out nothing is imminent and the negotiations could rumble on for several more weeks and beyond before any announcement is possibly made. It has also been stressed that Adams’ potential involvement would pose no threat to Tim Sherwood’s position as manager should the takeover go through.
While Smith is clearly serious about trying to purchase Villa, there is a mixture of caution and scepticism within the Midlands club, not least because Smith’s interest, as well that of other potential investors, has been known about for a long time.
Randy Lerner, who paid £62.6m for Villa in 2006, is said to have reacted as if it was business as usual during his visit to the club yesterday on Thursday.
Last year Lerner appointed Bank of America Merrill Lynch, to handle the sale of a club that was stretching his patience - “The last several seasons have been week-in, week-out battles‚” the American financier said in a statement 12 months ago – but finding a buyer has been no easy task. Bank of America Merrill Lynch declined to comment on the latest developments.
Whether Smith can pull a deal off remains to be seen. He has formed a company called Halo to use as a vehicle to acquire Villa, as well as minority stakes in other football clubs, and is thought to be close to raising the funds from a small group of wealthy investors to fund a bid – provided the FA Cup finalists avoid relegation.
Smith left Chelsea in 2007 following a dispute with the club he had joined four years earlier, when Peter Kenyon appointed him. After Smith lost his job as group business affairs director, Chelsea “agreed to accept a finding of unfair dismissal and to pay full compensation” to him, although the businessman then lost a follow-up claim in which he alleged he had been denied a further £366,250.
