The Premiership Rugby landscape is set for a seismic shift as AFC Bournemouth owner Bill Foley's Cannae Holdings finalises the £45 million purchase of Exeter Chiefs. This significant coup marks Foley's entry into the world of English rugby, joining an elite group of investors including James Dyson and Red Bull.
This acquisition signals a major vote of confidence in Premiership Rugby as it embarks on a period of radical reform, with the introduction of ringfencing and buy-in expansion franchises set to revolutionise the sport. The likes of Bath Rugby, backed by Dyson's investments, and Newcastle's Red Bull-owned club will now be joined by Foley's Exeter Chiefs as they navigate this new era.
After months of speculation, Exeter Chiefs members last month overwhelmingly voted in favour of the 100% takeover bid from Foley's Cannae Holdings. Tony Rowe, a stalwart figure who has devoted 25 years to the club, will remain at the helm as Chief Executive, forming a three-person board with Foley and Ryan Caswell. The deal marks an end to Rowe's tenure, but not before he welcomed the partnership: "I look forward to working with Black Knight Rugby to support Exeter Chiefs. Their capital and operational backing will enable us to seamlessly transition into the franchise era."
The financial burden had become too much for Rowe and his family to bear, but now they can bank on Foley's substantial investment. The Exeter Chiefs' remarkable rise from a top-flight newcomer just over 15 years ago has yielded domestic Premiership and European titles, with their recent appearance in the Premiership final against Northampton Saints still fresh in fans' minds.
Foley believes Exeter Chiefs will be an asset to his expanding sports empire: "Exeter is exactly the type of investment we've been seeking as we transform Cannae into a focused portfolio of sports and entertainment businesses. We have a proven track record in building successful brands, like Black Knight Football's network, and we're eager to apply that expertise to Exeter."
Source: City A.M.