English football club, Aston Villa, will receive a “significant investment” from NSWE, a company jointly owned by Egyptian billionaire Nassef Sawiris.
The investment, which was announced Friday, will allow Aston Villan, a second tier team in England’s Championship, overcome pending financial crisis, partly caused by the club’s inability to qualify for the top division, the Premier League, in the 2017-2018 football season.
Sawiris is estimated to be worth $4 billion by Forbes. Put together, the Sawiris’ family wealth is around £27.5billion from business interests including nitrogen fertiliser, an engineering and building firm, plus stakes in cement giant Lafarge Holcim and Adidas.
Villa owner Dr. Tony Xia, who held talks with the Egyptian group, will remain on the board and becomes co-chairman, a club statement said.
“I am extremely pleased to have formed a strategic partnership with Nassef and Wes,” Dr Xia said in the statement.
“We have a common goal of delivering future success for Aston Villa and I look forward to working together to achieve this aim.
“To have come so close to achieving promotion last season was a humbling experience. In finding such strong partners as Nassef and Wes we’re gearing up to fight again and bring back the success that this Club deserves and we all so want to provide it with.”
Since Villa lost the Championship playoff final against Fulham in May, aspects of the club’s financial difficulties have come to light.
Earlier this year, the BBC reported that Villa missed a 4 million pounds ($5.24 million) tax payment in June before reaching an agreement with British tax authorities.
The club has seen no new arrivals so far ahead of the 2018-19 campaign due to financial constraints at Villa Park and have put some of its best stars on the market due to the financial difficulties.