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

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.