Another British football club looked set to fall into foreign hands after Randy Lerner, the US billionaire who owns the Cleveland Browns NFL franchise, agreed to buy Aston Villa for £62.6m.

The recommended bid received the backing of both Doug Ellis, the chairman who controls 36 per cent of the club, and Jack Petchey, the property entrepreneur who has built up a 21 per cent stake, leaving any other would-be bidders having to find a significant premium to the 547p-a-share bid.