Key facts
- AFC Bournemouth owner Bill Foley's investment vehicle, Cannae Holdings, has completed the purchase of English rugby club Exeter Chiefs.
- The reported value of the takeover is £45 million.
- Exeter Chiefs members approved the 100% takeover in May.
- Tony Rowe will transition from former owner to chief executive.
- Foley's Black Knight Rugby subsidiary now controls the club.
American businessman Bill Foley, owner of Premier League football club AFC Bournemouth, has completed the purchase of English rugby club Exeter Chiefs for a reported £45 million. The acquisition was made through Black Knight Rugby, a new subsidiary of Foley's investment company, Cannae Holdings.
Exeter Chiefs, a club with a history of winning domestic and European titles, saw its members vote in favor of the sale in May. Tony Rowe, who has supported the club financially for 25 years, will transition to the role of chief executive. Foley stated his intention to apply the same successful approach used with his other sports and entertainment brands, such as Bournemouth and the NHL's Vegas Golden Knights, to Exeter.
This investment marks one of the first known U.S. ventures into English professional rugby. It follows a trend of increasing American investment in English sports, including soccer and cricket. Rugby leaders have indicated that changes to promotion and relegation systems are aimed at improving financial sustainability and encouraging long-term investment.