Aston Villa fans' prayers may just have been answered.
Aston Villa have released a club statement confirmed a takeover of the club has been agreed.
A post on their official club website explained that a managerial appointment will also be forthcoming as soon as possible.
It read: "Aston Villa Football Club is pleased to announce that an agreement has been signed today for the sale of 100% ownership by Randy Lerner to Recon Group owned by Dr Tony Jiantong Xia subject to the approval of the Premier League and the Football League.
"Once those approvals have been granted and the new board members approved under the fit & proper rules of both leagues, Dr Xia will become Chairman of Aston Villa. The Club will announce the appointment of a new manager shortly."
The BBC report that the takeover will cost Dr Tony Xia a fee in the region of £60 million.
It brings to an end the stewardship of American businessman Randy Lerner, who has been keen to sell the club for more than two years.
Villa have just experienced one of the worst campaigns in Premier League history, relegated to the Championship with just three wins all season.
Despite this, Villa's new owners have big ambitions for the club, with the website statement adding:
"Dr Xia's immediate objective is to return Aston Villa to the Premier League and then to have the Club finish in the top six, bringing European football back to Villa Park. He plans to make Aston Villa the most famous football Club in China with a huge fan base."
The news is just what Villa fans would have wanted to hear, and the club can now set about planning for promotion and rebuilding after a horrendous season.