Recon acquires Aston Villa for $101m

Chinese conglomerate Recon Group on Monday announced its acquisition of 142-year-old Aston Villa Football Club, with a goal of returning the United Kingdom club to the Premier League and raising the level of Chinese soccer.

The deal is worth 76.5 million pounds ($101 million), according to Recon, including assuming 24.5 million pounds in debt.

Recon Group owner Xia Jiantong said his hope was to provide experience and learning for Chinese soccer through acquisition of an international soccer club that has a mature system and sound talent training programs.