( CNN ) -- He was one of a wave of American businessman to invest in an English Premier League club , but eight years down the line a weary Randy Lerner has beaten a retreat . Lerner completed a Â£62.6 million ( $ 105.7 million ) takeover of Aston Villa from Doug Ellis back in 2006 -- one year after Malcolm Glazer won control of Manchester United , and one year before Tom Hicks and George Gillett bought Liverpool . Yet despite enjoying early success at Villa Park with the club securing three straight sixth-place finishes under former manager Martin O'Neill , the 52-year-old has had to watch on in recent seasons as the team have struggled in the bottom half of the table . The former owner of NFL team , the Cleveland Browns hinted last month that he was considering his position amid reports that a sale was imminent . And he confirmed Monday that he has `` engaged Bank of America Merrill Lynch to advise on the club 's sale '' as he seeks a much-needed break from the world of football . `` I have come to know well that fates are fickle in the business of English football , '' Lerner said in an official statement . `` The last several seasons have been week in , week out battles and having now come through this last season unfortunately limping amidst very meaningful injuries and constant sale rumors , I feel further that now is the time for me to look for new ownership and thus new leadership . '' He added : `` On a personal level it is time for me , like the Shunammite , to dwell among my own and get on with other aspects of my career , following a sale . '' Much of Villa 's success under O'Neill was aided by Lerner 's willingness to invest millions on new players , such as Ashley Young , James Milner and Stewart Downing . However , after ultimately being unable to break into the top four of the English Premier League and secure Champions League football , the American has had to embark on a cost-cutting program in recent seasons -- selling star players to rival clubs , including Young to Manchester United in 2011 and Milner to Manchester City in 2010 . The team 's decline has led to some criticism of both Lerner 's running of the club as well as the managers who have followed O'Neill -- Gerard Houllier , Alex McLeish and Paul Lambert . Lerner , though , is still grateful for the backing he has received from the majority of the club 's supporters , while he is hoping Villa will go from strength to strength after his departure . `` I am appreciative of the support I have received , even in these last years of comparative struggle when criticism was due , and will look on with others -- with fingers crossed , for stronger future performance appropriate to our size and heritage , '' he said . Lerner added : `` Above all , the debt I owe Aston Villa whether as owner , chairman , custodian or simply as a fan is to put the club first . To make good on that debt , I owe it to Villa to move on , and look for fresh , invigorated leadership , if in my heart I feel I can no longer do the job . '' While Lerner thanked Lambert for his efforts as manager since arriving in 2012 , he did not mention the Scot 's future . Lambert may be disposed by the new owners following a disappointing season that culminated with the club finishing 15th . Lerner 's likely asking price for the club will be in the region of Â£200 million ( $ 337.7 million ) , according to reports in the British media .
Lerner decides to put Midlands side Lerner up for sale . The American completed a takeover of the EPL club in 2006 . Aston Villa feels the time is right to take a break from football .