By Harry Sykes

Dr Tony Xia’s proposed £60million takeover of Aston Villa is set to be rejected by football chiefs following a top-level investigation, according to a report.

The Daily Mail claims Villa are set for the shattering news that the Premier League and Football League have turned down the takeover by Xia’s Chinese consortium on the grounds that they do not have the funds in place.

It is said that American Randy Lerner, who is trying to offload the club at a knockdown price, has already been told that Xia will not pass the necessary financial tests.

It was initially thought that the takeover could be completed in the coming days but that has now been thrown into jeopardy.

Xia had submitted all the paperwork for approval before the Bank Holiday weekend and was in Beijing waiting to be contacted.

He was then expected to arrive in England to meet with Premier League and Football League officials for a face-to-face interview before his plans for Villa were given the go-ahead.

Xia’s team of board members must also pass the Owners and Directors’ Test before an official changing of hands is confirmed.

The joint investigation into the exact make-up of his conglomerate, Recon Group, has taken longer than expected as thorough checks are made. Despite their relegation from the top flight, Villa remain a Premier League club until 8 June so representatives from both leagues are working together.

The latest Aston Villa news comes after Xia claimed he had £100million sat in a bank account and at least £50million ready to spend on new players.