Exeter Chiefs Approve Takeover by AFC Bournemouth Owners
Exeter Chiefs, promoted to the top tier of English rugby in 2010, have approved a takeover bid by the owners of Premier League football club AFC Bournemouth. The proposal was accepted by members and shareholders during a special general meeting held on Thursday evening.
The American investment group, Black Knight Sports and Entertainment, which is part of Cannae Holdings, intends to acquire all shares in the Devon-based rugby club if the takeover is finalized. Black Knight is currently conducting a due diligence process expected to conclude after May.
Black Knight also holds stakes in French football club FC Lorient and owns Auckland FC in New Zealand.
"This does not represent a firm offer," Exeter chairman and chief executive Tony Rowe stated. "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."
Should the acquisition proceed, it would mark the first instance of foreign football owners investing in an English top-flight rugby team. This development follows recent significant investments in domestic rugby, including Newcastle Falcons' acquisition by Red Bull in August and Sir James Dyson becoming co-owner of Bath Rugby in March after substantial capital infusion.
Additionally, this represents the second American investment in English rugby within days, as the Cornish Pirates, Exeter's South West neighbors competing in the second-tier Championship, recently announced new US-based funding.
The Premiership Rugby league is transitioning away from promotion and relegation towards a franchise model, aiming to expand the competition back to 12 teams.
Exeter chief executive Tony Rowe (left) watched Exeter's last Premiership game at Sandy Park with Cannae Holdings' Ryan Caswell.
If the deal is completed, it will conclude Rowe's long tenure leading the two-time Premiership and 2020 European champions. Under his leadership, Exeter advanced from the fourth tier of English club rugby to the Premiership and relocated to their current Sandy Park stadium in 2006.
The stadium has undergone several developments, with plans underway to expand its capacity beyond 20,000 seats.
Rowe, who amassed his wealth in telecommunications, has been instrumental in sponsoring much of the club's growth and development, integrating conferencing and events into Sandy Park's business operations.
The club reached six consecutive Premiership finals starting in 2016 and secured their first European title in 2020. Exeter attracted international players such as Stuart Hogg, Geoff Parling, and Nic White, alongside homegrown talents including Jack Nowell, Luke Cowan-Dickie, and Henry Slade.
However, since the onset of the COVID-19 pandemic, Exeter has faced financial challenges. In December 2022, Rowe purchased a hotel on the Sandy Park site to help address pandemic-related debts. The club also saw many international players depart between 2022 and 2024 as part of efforts to reduce the wage bill.
Last season, Exeter finished ninth in the 10-team Premiership. Following several coaching changes and new player acquisitions such as Len Ikitau, Tom Hooper, Andrea Zambonin, and Stephen Varney, the club is currently contending for a play-off position.
Members and fans of Exeter Chiefs are hopeful that the new investment will restore the club's status as a leading force in English rugby.
