Exeter Chiefs members have voted in favour of selling the club to Cannae Holdings Inc, part of billionaire Bill Foley's investment empire, which also owns AFC Bournemouth. The deal, negotiated by long-time chairman Tony Rowe, will see the American backers take full control and provide significant multi-million-pound funding.
The club, founded in 1871 and previously members-owned, rose from lower-league obscurity to win a European and domestic double in 2020. At a special general meeting, members voted by a comfortable majority to approve the sale. Rowe said the offer is non-binding and subject to a 60-day due diligence process expected to conclude after this month.
Rowe, 77, has been asked to stay on by the proposed new owners and expressed confidence in the partnership. “They’re a long-term investor and they understand the sport,” he said. “Professional sport is all about money. We need money to survive.” Director of rugby Rob Baxter also supports the change, calling it a positive step for the club.
Foley's wealth is estimated at $2.6 billion. His NHL franchise, the Vegas Golden Knights, won the Stanley Cup within six years of debut, while Bournemouth have risen to sixth in the Premier League under Black Knight Football Club, whose shareholders include actor Michael B Jordan. A similar data-driven approach is planned for Exeter.
