The AV06 consortia have not given up on taking over

The Villa board has accepted Lerner's �62.6m package and recommended his offer to the club's shareholders.

But Nicholas Padfield QC, of the AV06 group, told the Independent newspaper: "This is by no means over.

"We are indefatigable in our efforts to secure the club because we have the club's interests at heart."

There are believed to be four consortia interested in taking over at Villa, with local businessman Michael Neville and Sven Goran Eriksson's agent Athole Still heading the other two.

The decision of long-standing chairman Doug Ellis - and the Villa Board - to opt for Lerner's offer appeared to have placed the American as firm favourite.

But Padfield, a deputy high court judge, added: "We are not American, and want to fly the flag."

Padfield refused to name the people behind his consortium but maintained: "I'm not prepared to go into details but certainly we have billionaires."

He went on to add that "irrevocable undertakings" given to Lerner will become void if another bid of 5% or more above Lerner's is made, meaning any offer over �66m will be given consideration.