The Villans' 29-year stay in the top flight officially came to a head on Saturday.
The Villans, who have managed just three league victories all season long, saw their Premier League relegation confirmed on Saturday by losing 1-0 at Manchester United - the first time they've been relegated in 29 years.
The 92-year-old, who sold the club to American businessman Randy Lerner in 2006, is now simply hoping to be alive to see the West Midlands outfit return to the top flight.
"We are going to have great difficulty in returning in one year but I've seen some encouraging signs and we've a reasonable chance," he said to BBC, via the Birmingham Mail.
"I hope I will still be alive - I am only 92 remember - to see that happen.
"I don't think I could be any sadder than I am today but it has been obvious since Christmas that we were going down."
It's been a diabolical campaign for Villa which has yielded two managers - Tim Sherwood and Remi Garde - and just three victories, the last of which was on February 6. They have since lost all nine subsequent outings, scoring just three times along the way. There are big problems at the club and hopefully, for their fans' sake, this will wake them up.
First things first: they need a manager, and caretaker Eric Black, who has taken charge since Garde's dismissal earlier this month, is not expected to earn the job on a permanent basis.