Co-founder of Fortress Investment Group, Wesley Edens has recently announced a major deal with Egyptian billionaire Nassef Sawiris. The agreement outlines specific terms which include a significant injection of investment capital into Aston Villa, a professional football club based in Birmingham, England, through their jointly owned company NSWE.
Why Aston Villa
Aston Villa has a rich and unique history; boasting seven won championships has earned this club fame and prestige for decades. Recently in 2016, the club was relegated to the Premier League after almost three decades in the top division. This drop hit the club financially with a recorded loss of 80 million pounds for the financial year ending in 2016 and a loss of over 14 million pounds the following year.
Currently, the club is owned by Chinese businessman Tony Xia who procured the club a couple of years ago. Despite the recent deal between Wes Edens and Nassef Sawiris, Mr. Xia will remain on the company’s board. Wes and Nassef plan on gearing up the fight for bringing back the clubs previous successes. Working with Dr. Tony to undertake this momentous task, Wes Edens top priority is to strengthen clubs squads and structures ahead of the upcoming 2019 season and beyond.
The Sensible Approach
Both Nassef Sawiris and Wes Edens have already poured at least four million dollars into Aston Villa. Furthermore, Wes and Sawiris recently bought a 55% controlling stake in the Villa from co-owner Tony Xia; delivering necessary funds to post pone the threat of administration. Kieran Maguire, a lecturer on Football Finance at the University of Liverpool, believes that the owner’s decision to take out further shares is a “sensible move.” The owner, Dr. Tony, was in the habit of taking out loans to cover the clubs financing and the problem with that is eventually they have to be paid back. The new owners Wes Edens and Nassef Sawiris are taking a much more sustainable approach.
Wes Edens is the co-founder and present CEO of Fortress Investment Group, a global asset management company which has grown to a multibillion-dollar enterprise as of 2018.
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