By Alex Taylor

Aston Villa are gearing up for the biggest summer of spending in the club’s history, according to owner Tony Xia.

The Chinese tycoon revealed his plans for Villa on Wednesday in a live Q and A session with CNN on their Facebook page in which he detailed the large financial commitment the new investors are prepared to make.

Dr Xia, whose deal to buy the club for a reported £70million is waiting to be ratified by the Premier League and the Football League, made it clear that Villa will spend big on transfers this summer to be reinstalled among England’s elite.

Dr Xia told CNN: “We have a deposit, more than £100m cash in an account in England, We aim to be promoted in one season. That’s the major task for next season. We hope we can do it.”

Last summer Aston Villa spent £55m in one of the clubs most expensive-ever transfer windows, although that is just over half of what could be the investment in 2016.

To put the size of the fresh kitty into perspective, Aston Villa have spent just over £98million over their last five years and under four different managers, including over £50million under Tim Sherwood and £40million with Paul Lambert at the helm.

The news will please Villa fans that have suffered a wretched season in which their club finish last in the Premier League, resulting in the clubs first relegation from the top-flight since 1987.

The news will leave many speculating who could arrive in the summer, as Xia looks to flex his financial muscles in the transfer window. An investment of £100million would represent Aston Villa’s biggest single window expenditure in the club’s history and could make their chances of promotion much more likely.

Several players who have been heavily criticised this season including Gabby Agbonlahor and Joleon Lescott could be shipped out to make way for a mass of pricey new additions at Villa Park.

When pressed further on the issue of his wealth Xia was less candid. The 39-year-old refused to answer questions surrounding the specifics of his net worth but it is clear that he will be expecting a busy first few months in charge of the club.

In other Aston Villa news, one of the leading contenders to replace Remi Garde this summer has dropped out of the manager running.