AFC Bournemouth owner Bill Foley’s Cannae Holdings has finalised its acquisition of Premiership Rugby club Exeter Chiefs in a deal reported to be worth £45 million.
Foley, who controls the Premier League football club through a Black Knight consortium that includes actor Michael B Jordan, will become majority owner of the Devon-based rugby union side.
The deal marks the latest wave of high-profile investment into Premiership Rugby, a league that has attracted significant outside capital in recent months.
Foley joins vacuum cleaner entrepreneur James Dyson, who has invested in Bath Rugby, and energy drinks giant Red Bull, which now owns a club in Newcastle, as major backers of the top-flight competition.
Members of Exeter Chiefs voted through the full 100 per cent takeover bid last month, with former de facto owner Tony Rowe indicating he would only stay involved if the new ownership wished him to remain.
Rowe will serve as chief executive on a three-person board alongside Foley and Ryan Caswell, though the arrangement draws a line under 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,” Rowe added. “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 have been one of Premiership Rugby’s most celebrated promotion stories, winning both domestic and European titles since entering the top flight just over 15 years ago.
The club reached the Premiership final this season before losing to Northampton Saints at Allianz Stadium in June, underscoring their continued relevance at the highest level of the English game.
The investment follows a landmark vote by Premiership Rugby clubs to ringfence the top flight from the wider pyramid in favour of a buy-in expansion franchise model, a fundamental structural shift for the sport.
The move means Exeter Chiefs, who play their home matches at Sandy Park on the outskirts of the city, will leave 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.”