The owners of Premier League side AFC Bournemouth have completed their takeover of Prem Rugby side Exeter Chiefs.
Cannae Holdings’ Black Knight Rugby are the first US-based group to take control of a top-flight side in English rugby.
BBC Sport understands the deal for this month’s beaten Prem finalists is worth in the region of £25m.
The club’s members, who had owned the two-time Prem champions and 2020 European Champions Cup winners, voted last month to to approve the plans.
It is a first rugby investment for Black Knight, who also have stakes in French football club FC Lorient as well as owning Auckland FC.
Exeter chief executive Tony Rowe said in a statement: “If you had to choose an investor in the world of sport, you could not choose better than Black Knight. I am absolutely over the moon.”
Rowe will remain in his role and will form a new three-person executive board alongside Cannae Holdings’ vice-chairman William P Foley and chief executive Ryan Caswell.
“Black Knight’s partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease,” Rowe said.
“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.
“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.”
‘We have a proven track record’
Exeter are the latest Prem club to secure major new investment.
Last August energy drinks giant Red Bull bought Newcastle, while Bath have been boosted by businessman James Dyson taking a 50% stake in the Prem champions.
The takeover comes as a planned new franchise system for English top-flight rugby is set to begin, with promotion and relegation scrapped in favour of clubs in the second-tier Champ showing they are good enough on and off the field to have a place in the Prem.
“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,” Foley said .
“Exeter adds another attractive sports asset to our portfolio at a compelling entry price with upside at both the club and the league level, that can be enhanced through Cannae’s experience operating sports assets,” Caswell added.
“We look forward to working with the Exeter team, its sponsors and supporters to further the club’s momentum both on and off the pitch.”
‘Powerful signal of where Prem rugby is heading’
Under Rowe’s leadership Exeter moved from their old home at the County Ground to Sandy Park on the outskirts of the city for the start of the 2006-07 season.
The club eventually won promotion to the Premiership in 2010 in current director of rugby Rob Baxter’s first season in charge.
They have remained in the top flight ever since – becoming the last non-Premiership shareholding team to establish themselves in the league after promotion from the second tier.
Exeter have gone on to win the title twice, having reached their seventh final earlier this month when they were beaten by Northampton Saints at Twickenham.
The club also won the European Champions Cup in 2020, but Covid-19 debts led to the break up of that squad and a slump in performance as three seventh-placed finishes were followed by a club-worst ninth-placed finish in the 10-team Prem last season.
But they have bounced back this season having recruited international stars such as Len Ikitau, Tom Hooper and Andrea Zambonin, as well as keeping England players Henry Slade and Immanuel Feyi-Waboso.
“As proven owners in Premier League football with Bournemouth and in the NHL with the Vegas Golden Knights, Black Knight understands elite sport and what it takes to build a high-performance environment on and off the pitch,” said Prem Rugby chief executive Simon Massie-Taylor.
“Their arrival is another powerful signal of where English rugby and Prem Rugby is heading.
“Exeter Chiefs are one of the great success stories of our game and Tony Rowe deserves enormous credit for everything he has built at Sandy Park and the legacy that he has created.
“To win two Prem titles and a European Cup is an extraordinary achievement.
“Tony’s vision, commitment and passion for the club and the wider game have been central to everything Exeter have achieved and we are pleased to see that he will continue to play an important role at the club.”
By BBC Sports
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