a statement from Cleveland Browns management indicating that Lerner was pursuing "business interests" in the United Kingdom. Lerner pulled out of the bid to buy Aston Villa two days later after talks with club chairman Doug Ellis broke down, but the following day, reports emerged that Lerner was still considering a formal £64m bid for the club. In August 2006, it was confirmed Lerner had reached a £62.6m agreement with Aston Villa to take over the club. The statement to the London Stock Exchange confirmed that 60% of the club's shares, including the 39% stake of Doug Ellis had been sold to Lerner, beating competition from consortia led by Michael Neville, Nicholas Padfield QC, and Athole Still. Eleven days after the announcement, the LSE confirmed that Lerner had secured 59.69% of Villa shares, making him the majority shareholder. Lerner appointed himself Chairman of the Board of the club. The BBC reported in September 2006 that Lerner had moved closer to taking full control of the club, after increasing his share to 85.5%. By the time that the deadline passed in September 2006, Lerner had secured the acceptance of 89.69% of the shareholders. Due to the acceptance only being 0.31% below the conditional limit, Lerner accepted it and made the bid unconditional. On September 19, 2006, Aston Villa PLC executive chairman Doug Ellis and his board resigned, and were replaced by Randy Lerner as chairman with General Charles C. Krulak, Bob Kain and Michael Martin serving as non-executive directors. At the close of the deal in 2006, Lerner became only the second American owner of a Premiership club. In June 2011, Lerner appointed manager Alex McLeish, who was previously working from local rivals Birmingham City. McLeish's contract was terminated at the end of the 2011–12 season after Villa finished in 16th place, just above the relegation zone. On July 2, 2012, Aston Villa confirmed the appointment of former Norwich City manager Paul Lambert. In February 2012, the club announced a financial loss of £53.9 million. Lerner put the club up for sale on May 12, 2014, with an estimated value of £200 million. Lambert was sacked on February 11, 2015 and replaced by Tim Sherwood, who saved Villa from relegation in the 2014/15 season and took them to the 2015 FA Cup Final. Sherwood was sacked on October 15, 2015, after six consecutive league losses, with Kevin MacDonald taking over as