This comes after a bid from a European consortium for 51 percent was also turned down by Xia, despite the Chinese businessman seeking outside investment at Villa Park.
The latest offer from the American group met the owner's financial demands, which is probably why they were confident of getting the go-ahead.
They were also willing to discuss the possibility of a potential takeover in the future and would give a further £15m should the Villans be promoted to the Premier League within the next two years.
Yet the proposal they made that would probably please the fans of the Birmingham club the most is the desire to keep hold of Jack Grealish.
Grealish has been strongly linked with a move to the top flight of English football, but the consortium recognised the importance of the 22-year-old to the team and wanted to retain the services of the midfielder - unless an offer in excess of £40m was received.