US tycoon Peter Freund 'ends interest in Aston Villa takeover'

US tycoon 'cools Aston Villa interest'
© Reuters
US tycoon Peter Freund reportedly cools his interest in a potential takeover of Aston Villa.

New York Yankees shareholder Peter Freund has reportedly ended his interest in a potential takeover of Championship club Aston Villa.

Villa have been threatened with administration following their failure to gain promotion to the Premier League as chairman Tony Xia missed out on £200m of prize money, forcing the club to entertain offers for their star players.

Freund was recently linked with a £75m takeover bid, but Birmingham Live claims that he has cooled his interest in the club.

Villa have to raise £40m to oblige to the Financial Fair Play rules while they have a £45m wage bill heading into next season.

Xia purchased the club in 2016 for £76m from ex-owner Randy Lerner.

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Aston Villa CEO Keith Wyness attends a news conference in Beijing, China, July 18, 2016
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