Football club Aston Villa bought by Chinese businessman

The Wall Street Journal reports English soccer club Aston Villa, whose fans includes Britain’s Prince William, has found an owner from China, where President Xi Jinping has made development of the sport a national ambition. Recon Group, a holding company owned by businessman Tony Jiantong Xia, has bought “100%” of the Birmingham club from its former chairman, Randy Lerner, according to Mr. Xia and the club. Mr. Xia said in an interview on Thursday that he agreed to pay an initial £75 million ($109 million) for the club, plus an additional £40 million if the team gets promoted back to the English Premier League and stays there for three years.