Exeter Chiefs deal done as Bournemouth owners complete ‘£45m’ takeover
AFC Bournemouth owner Bill Foley’s Cannae Holdings have completed the purchase of Prem Rugby club Exeter Chiefs for a reported £45m.
The American – who controls the Premier League club as part of a Black Knight consortium that includes Michael B Jordan – will become the majority owner of the Devonshire rugby union team, and the latest investor into England’s top flight.
He joins hoover magnate James Dyson – who has invested into Bath Rugby – and energy drinks tycoon Red Bull – who now own an eponymous club in Newcastle – in becoming investors in Prem Rugby amid a flurry of market activity surrounding the league.
Members voted through the 100 per cent Foley takeover bid last month with former de facto owner Tony Rowe stating that he would stay involved only if the new ownership wanted him to.
He will become chief executive as part of a three-person board alongside Foley and Ryan Caswell, but it brings to an end his 25 years of financial support for the club.
“I look forward to working with Black Knight Rugby to support the club,” Rowe said. “Black Knight’s partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease.
“Although I feel privileged to have led this club for the last 25 years, the financial burden was becoming too much for me and my family. With Black Knight, we can look forward to a positive future, building on what we have already achieved to keep pushing for success on and off the pitch.”
Exeter Chiefs under new ownership
Exeter Chiefs is one of Prem Rugby’s most successful promotion stories, winning the domestic Prem and continental European titles since gaining entry into the top flight just over 15 years ago. They reached the final of the Prem this season, losing to Northampton Saints at Allianz Stadium in June.
And the investment comes after Prem Rugby clubs voted for drastic structural change across the league, with the key move seeing the top flight ringfenced from the rest of the pyramid in favour of a buy-in expansion franchise system.
It will mean Exeter Chiefs, who play at Sandy Park on the outskirts of the city, will be taken out of member ownership for the first time in over 150 years.
Foley said: “Exeter is the type of asset we have been seeking as we transform Cannae into a focused portfolio of sports and entertainment businesses. We have a proven track record of building successful sports and entertainment brands, like Black Knight Football’s network of clubs, and we intend to bring that same approach to Exeter.”