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Chinese Tycoon Buys Aston Villa, Vows to Get It Back to the Premier League

| Jul 20, 2016 10:58 PM EDT

Chinese business tycoon Tony Xia (right) being welcomed by Aston Villa director Keith Wyness as the new owner of the team during a press conference in Beijing.

Chinese business tycoon Tony Xia Jioantong said that he plans to get English football club Aston Villa FC back into the Premier League and under a decade while also making it as the most popular club in China.

Xia, who owns the Recon Group of companies, made the promise during a press conference in Beijing announcing his company's acquisition of the team. Recon acquired Villa in June for $101 million, China Daily reported.

"Villa is like a sleeping lion," Xia said of his new acquisition. "We hope to wake up this lion through changes in management and operations."

According to the investment magnate, his company did a significant amount of research was made before the purchase and they determined that Villa's track record n training young soccer players that caught their attention.

Xia is confident with the team's capabilities that he has already provided new Aston Villa manager Roberto Di Matteo with $53 million for player acquisition during the summer transfer season.

Di Matteo admitted that there is a need to revamp the team from the ground up following its disappointing performance last season, where it was sent to relegation from the Premier League. The former Chelsea manager also said that the work at hand is not going to be easy.

However, he said that he is hoping to make the team more competitive in its first season in the Football League under the new management. Di Matteo added that the team's new acquisitions will help them in steering their campaign in the right direction, The Guardian reported.

Aston Villa recently brought in defender Tommy Elphick from Bournemouth, goalkeeper Pierluigi Gollini, and midfielder Aaron Tsibola.

Meanwhile, Xia is also hoping to make the team on of the most popular soccer clubs in his native country, as the premier League is starting to attract more fans there. As part of the promotional effort, his company launched a new line of energy drinks that carry the team's name.

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