Aston Villa have confirmed the sale of the club to Recon Group owned by Dr Tony Jiantong Xia.
Randy Lerner has reached an agreement with the Chinese businessman, who will attempt to move the club forward after they were relegated from the Premier League this season.
Villa endured a torrid campaign, managing just 17 points from their 38 games - 17 less than Norwich City, who ended the season in 19th position.
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Lerner, who has been the owner and chairman of the club since 2006, has come in for a great deal of criticism from the Villa Park faithful over the course of the past couple of years.
It certainly wasn't surprising that the club were relegated from England's elite division this term, but the club will be desperate to secure promotion back to the league next season.
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With the club set for new owners, it's safe to say that things are most definitely looking up for all involved.
Aston Villa statement
Here's the full Aston Villa statement from their official website:
Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100% 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. Once those approvals have been granted and the new board members approved under the fit & proper rules of both leagues, Dr Xia will become Chairman of Aston Villa. The Club will announce the appointment of a new manager shortly.
Randy Lerner has sought the right new owner for Aston Villa who would take great care of the Club and restore its fortunes. He believes that Tony Xia is an excellent choice.
Recon Group is Dr Xia's privately owned holding company that owns the controlling interest in five publicly listed companies on the Hong Kong and Chinese stock exchanges and many other private companies employing 35,000 people in 75 countries.
Dr Xia played football as a striker until he finished at college and football has remained his passion. Dr Xia decided to buy an iconic football Club in England as the cornerstone of his Sports, Leisure and Tourism Division. He became a fan of Aston Villa many years ago and is delighted at the opportunity to become the new owner.
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.
Social media reaction
As you can imagine, fans of the club quickly took to social media to express their views on the sale.
Here are the best tweets:
Aston Villa fans: what do you make of the sale? Have your say below!