AFC Bournemouth owner Bill Foley’s Cannae Holdings, part of his Black Knight group, has completed the acquisition of Premiership Rugby club Exeter Chiefs, the Prem Rugby club said.
The deal makes the U.S.-based investment group the majority owner of the club and the first American-led consortium to assume control of a top-flight English rugby union side.
Foley, who controls Premier League football club Bournemouth through Black Knight Football Club, will join a new three-person executive board alongside Cannae Holdings Chief Executive Ryan Caswell and long-serving Exeter benefactor Tony Rowe.
Club members approved the 100% takeover proposal last month, paving the way for the transaction. Rowe will remain as chief executive to provide continuity under the new ownership structure.
“I look forward to working with Black Knight Rugby to support the club,” Rowe said in a club statement.
“Black Knight’s partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease.”
Cornish Pirates, who play in the second-tier Champ, also announced American firm Stonewood Capital Management as investors last month.
The Prem, currently made up of 10 clubs, plans to expand to 12 teams from 2029 while also doing away with automatic promotion and relegation.
Exeter reached the Premiership final this month but were beaten 26-17 by Northampton Saints at Twickenham. The Chiefs last won the league title in the 2019-20 season.
Source: Reuters.com