In a statement on Villa’s website Lerner gave detailed reasons for selling up as he believes that a fresh and a new approach is needed to bring the club back to its glory days of the past.
Above all, the debt I owe Aston Villa whether as owner, Chairman, custodian or simply as a fan is to put the Club first. To make good on that debt, I owe it to Villa to move on, and look for fresh, invigorated leadership, if in my heart I feel I can no longer do the job.
Lerner bought the Aston Villa club for £63 million in 2006 and has spent around £250 million on players and facilities, drawing the ire of stateside Browns fans who felt that the son of Al Lerner was not fully committed to the American football team. Since 2011, however, Lerner has been the subject of EPL fan criticism as he has largely disappeared while the team—believed to be worth $300 million—piles up losing seasons and fends off relegation.