Aston Villa owner Randy Lerner has confirmed that the club is for sale.

The American bought the club for €76 million in 2006, but has released a statement saying he is now seeking a new buyer.

"I have come to know well that fates are fickle in the business of English football. And I feel that I have pushed mine well past the limit. The last several seasons have been week in, week out battles and having now come through this last season unfortunately limping amidst very meaningful injuries and constant sale rumours, I feel further that now is the time for me to look for new ownership and thus new leadership. I have asked the world of Paul Lambert and Paul Faulkner and they have both delivered selflessly. On a personal level it is time for me, like the Shunammite, to dwell among my own and get on with other aspects of my career, following a sale."

Villa finished 15th in the Premier League this season, five points above the relegation zone.