Aston Villa have been within 'hours of liquidation' amid £170m document reveal - Kieran Maguire
Aston Villa came “within hours of liquidation” until Wes Edens and Nassef Sawiris brought them back from the brink.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider after the three-year anniversary of the pair’s takeover on 20th July.
Edens and Sawiris paid off the club’s debts when they took over from Tony Xia in 2019.
Losses have been heavy since then and documents submitted to Companies House reveal a deficit of £168.1million for the last two financial years.
But Maguire details how Villa’s patrons rescued the club from oblivion and began the transformation into the upwardly mobile side we see today.
He told Football Insider correspondent Adam Williams: “When Sawiris and Edens acquired the club, they were within hours of liquidation, let alone administration.
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“It sounds melodramatic but I genuinely don’t think it is. The Dr Tony era had really turned sour.
“Now, from a financial perspective, the balance sheet is looking strong because the money that they have put in is mainly in the form of shares.
“They have also financially supported the club in terms of budgets. The downside comes when you take a look at the losses for the last couple of years.
“For 2019 and 2020, the costs of getting up and staying up resulted in losses of almost £170m.
“That’s before taking into consideration the season we’ve just had where clearly COVID will have had an enormous impact.
“So it’s been an expensive exercise but they are looking far more stable. They appear to have a strategy in terms of infrastructure at the club.
“Villa Park is a fantastic stadium but it’s dated and their plans for it are progressive.
“Also, in Christian Purslow, they have someone who is a safe pair of hands in terms of the football.“
In other news, Bundesliga club responds to huge Aston Villa bid for star.