Martin O'Neill is expected to be given more funding to restructure his squad once Randy Lerner takes control of Aston Villa.

The billionaire's bid for the club has been accepted, bringing an end to Doug Ellis' era as chairman.

This morning, Villa made a statement to the Stock Exchange recommending that shareholders accept the bid from Cleveland Browns owner Lerner, which values the club at £62.6million.

The departure of Ellis, who run has run  has inevitably been welcomed by supporters, with chairman of Aston Villa Shareholders Association Jonathan Fear telling Sky Sports News: "I can see nothing but positives from it. They're going to build the club and restore it to what it was."

Ellis, who has run the club since 1982, also had an earlier spell at the helm. However, Villa enjoyed their greatest success, which included winning the domestic league and European Cup without 'Deadly Doug', as he became known.

Despite his often tense relationship with fans, Ellis revealed his "sincere pleasure" since taking over at Villa Park for the first time nearly 38 years ago.

He said: "It has been my sincere pleasure to have been involved with Aston Villa these many years, both as chairman and as a substantial shareholder.

"The club have been an enormous and immensely enjoyable part of my life.

"I wish to thank the many staff at Aston Villa over the years for making the club what it has been and what it is.

"I am sure this transaction will be the beginning of a new chapter in Aston Villa's proud history."

Lerner (44), inherited most of his fortune from his father Al, the founder of the MBNA credit card company.

Lerner said: "It is my belief and the basis for my bid to acquire Aston Villa Football club that it can compete at the highest level within the Premiership and in Europe.

"The club has a rich history and a long tradition of passionate fan support."

Lerner, who conducted the offer through his company Reform Acquisitions Ltd, had headed one of a number of consortia hoping to buy out Ellis.

Martin O'Neill took over at Villa on 4 August after agreeing a 12-month rolling contract with Ellis.

It is now believed that he will extend his contract with the club following the takeover by Lerner.

Among the players believed to be winging their way to Villa are Celtic's Bulgarian midfielder Stilian Petrov who played under O'Neill during his reign as manager of the Hoops.