Dr. Tony Xia has big ambitions for how to turnaround Aston Villa.

Xia bought Villa this week from Randy Lerner for £60 million.

"We will have a budget from £20m to £30m to £40m to £50m," he said.

"It depends when we have the coach around the table."

Xia is taking over a freshly relegated Villa side.

“My ambition is to bring Villa to the top six in less than five years and I hope it can be [one of] the top three in the world – even the best well known in the world – in less than 10 years,” Xia told the Guardian in one of his first face-to-face interviews since the deal was announced.

“At least [until] now what I have planned [in my career] everything has been achieved. Nobody believe in the beginning but I made it happen no matter how many years it took.”

Asked for his message to Villa fans, Xia said: “Forget the past and think we are going to enter into a new age.”