Aston Villa says the English second-tier club has been sold to a Chinese businessman after a decade under the American ownership of Randy Lerner, with reports saying the sale cost £60 million. Lerner bought the club for £62.2 million in 2006.
The sale to Tony Jiantong Xia's Recon Group comes after the central England club's relegation from the Premier League after finishing bottom of the table.
Aston Villa said in a statement: "Dr Xia's immediate objective is to return Aston Villa to the Premier League and then to have the Club finish in the top six, bringing European football back to Villa Park. He plans to make Aston Villa the most famous football Club in China with a huge fan base."
Villa says the takeover is subject to approval by English football authorities and that the club will appoint a new manager soon as well.
The Associated Press contributed to this report