Aston Villa have been sold to a Chinese group owned by Dr Tony Jiantong Xia, the Championship club announced on Wednesday, in a deal worth a reported $86 million.

Villa crashed out of the Premier League after a miserable season that saw the Midlands team win just three of their 38 matches, but that hasn't stopped Dr Xia making his move.

US-based owner Randy Lerner had been trying to sell Villa for two years and has finally found a buyer after significantly lowering his asking price to a reported £60 million ($86 million, 76 million euros).

"Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100 percent ownership by Randy Lerner to Recon Group owned by Dr Tony Jiantong Xia subject to the approval of the Premier League and the Football League," a Villa statement read.

“Once those approvals have been granted and the new board members approved under the fit and proper rules of both leagues, Dr Xia will become Chairman of Aston Villa."