The owners of AFC Bournemouth are the financiers poised to take over Exeter Chiefs, Telegraph Sport can reveal.
Speculation about the identity of the American investor who had agreed the deal to purchase the Devon club had been swirling since Telegraph Sport first broke the news of a takeover on Good Friday.
Black Knight Football Club, a consortium led by American businessman Bill Foley and which includes Hollywood actor Michael B. Jordan, has won the race and now the Chiefs’ hierarchy awaits members’ approval at an extraordinary general meeting on May 7 at Sandy Park. A 75 per cent majority of the roughly 700-strong membership will be required to ratify the deal.
Foley chairs both Black Knight and Cannae Holdings, with Forbes estimating his wealth at $2.6 bn (£1.92 bn). Ryan Caswell, an associate of Foley, represented the Black Knight consortium at Exeter’s dramatic defeat by Northampton Saints on Saturday, sitting next to the current Chiefs chairman and owner, Tony Rowe, at Sandy Park.
It is understood that Oakwell, the sports advisory boutique managing the sale, received 30 expressions of interest from investors globally which was narrowed down to 12 interested parties. Then, exclusivity was granted to Foley’s consortium in the US, who have investments across several sports, including the Premier League’s Bournemouth. One source with knowledge of the deal said: “It is so, so positive for the Prem. This is only the beginning. Many others will follow suit.”
The news of Black Knight’s takeover marks an unprecedented development in the Prem’s history, with one of its clubs poised to be owned by a Premier League equivalent. In recent months, several top flight clubs in English rugby have announced new investment, as the league, financially, recovers from the perils of the 2022-23 season, when three teams – Wasps, Worcester and London Irish – all went to the wall.
Newcastle were taken over by Red Bull at the start of this season. Sir James Dyson has pledged millions into Bath to become joint co-owner alongside Bruce Craig. Earlier this week, Northampton received a multi-million pound cash injection from financier Steve Zander and now the Chiefs are set to be taken over by Bill Foley, who acquired Bournemouth in December 2022.
As well as the Premier League club, the multi-sport group also own FC Lorient in France, Auckland FC in New Zealand, and National Hockey League (NHL) team Las Vegas Knights. They also have majority interest in Moreirense FC in Portugal and a 25 per cent stake in Hibernian FC, in Scotland.
When Foley took over at Bournemouth, he outlined his philosophy in a statement: “We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours. I am committed to work with the best football and business minds available to enhance player development, facilities, and the fan experience to put AFC Bournemouth in the best possible position to succeed.”
In a recent interview with The Guardian, Rowe urged his fellow Prem owners to “wake up and smell the coffee” regarding the recent move to franchise the top tier of English rugby and attract greater investment.
“I think it will put us in a really good place to take advantage of the future,” Rowe, 77, said. “Whether you like it or not professional sport is all about money. We need money to survive.
“I’ve effectively run a business for the last 30-odd years for a shareholder who’s got no money. What I’m looking forward to is an investor who’s got some money. That’ll be a massive difference for me.”