Aston Villa owner Dr Tony Xia has offered an update on the team's ongoing financial crisis.

In a letter to supporters published on the Villans' official website, the Chinese businessman insisted that the club is not for sale and confirmed that manager Steve Bruce will remain in charge with his full backing.

Xia went on to say that he is actively seeking new investment to help the club raise the £40m they need to comply with Financial Fair Play regulations.

"For the avoidance of doubt, I remain a proud and committed owner of this football club and with that accept and embrace the responsibilities to the fans, players and staff," Xia said.

"Of course, given the financial realities, it would be prudent of us to be open and receptive to any potential minority strategic investment that would aid our objectives to consolidate after a tumultuous summer and ultimately achieve our ambition of returning to the Premier League.

"We will be very selective in any discussions to ensure that the club's best interests remain the focal point."

Villa missed a £4m tax payment earlier this month and were threatened with a winding-up order before they settled the debt, and another payment is due at the end of this week.

Previous reports suggest that Villa could be forced to offload key players, including Jack Grealish and Jonathan Kodjia, to settle their debts.

Documents on Companies House confirm that Xia has lifted a restriction on the sale of the club's shares.