Exeter’s members have voted in favour of selling the club to the American owners of AFC Bournemouth. Cannae Holdings Inc, part of billionaire Bill Foley’s investment empire which also includes the Black Knight Sports and Entertainment group, is now set to take full control of the Chiefs and provide “significant” multi-million-pound funding
Exeter, who rose from lower-league anonymity to claim a European and domestic title double in 2020, have previously been a members-owned club since their foundation in 1871. At a special general meeting, however, members voted by a comfortable majority to approve the club’s sale with long-time chairman Tony Rowe having negotiated a landmark deal with the new US backers.
“It is just a non-binding expression of interest at this stage but, hopefully, an offer will follow and we can begin negotiating the terms of the sale,” said Rowe. Any offer is dependent on the completion of a 60-day due diligence process that will not be completed before the end of this month.
Rowe, 77, has been asked to stay on by the proposed new owners and believes the partnership will prove a productive one. “They’re a long-term investor and they understand the sport,” he told the Guardian last month.
“I think it will put us in a really good place to take advantage of the future. Whether you like it or not, professional sport is all about money. We need money to survive. All the stars are aligned to transform English rugby beyond where it is today. It’s really come on in the last few years but we’ve got to move it on financially.”
Rob Baxter, Exeter’s director of rugby, is also supportive of the ownership change. “I’m very confident that it’s a positive way forward for the club,” said Baxter. “I think it just keeps the club on a progressive footing and that’s where we want to be. Premiership rugby clubs are big business now.”
The most recent estimate of Foley’s wealth is around $2.6 billion and his previous sporting forays have included some notable successes. His NHL franchise, the Vegas Golden Knights, won the famous Stanley Cup within six years of their competitive debut while Bournemouth have also benefited since joining the Black Knight Football Club, whose shareholders include the Hollywood actor Michael B Jordan, winner of this year’s best actor Oscar for his role in Sinners.
Bournemouth currently sit sixth in the Premier League, despite having one of the smallest budgets in the division and a stadium that holds only 11,000. Black Knight’s use of data and shrewd transfer dealings have been a factor in Bournemouth’s rise and a similar plan is on the cards at Exeter. Ryan Caswell, Cannae Holdings’ chief executive, was at Sandy Park to watch last month’s game against Northampton Saints.