Exeter Chiefs have finalised a deal with a wealthy American backer to take control of the club, subject to membership approval. An extraordinary general meeting will be held on 7 May, where members will be urged to support the sale of the 155-year-old club, unlocking significant fresh funding.
Insiders describe the impending multimillion-pound investment as 'meaningful' at a pivotal stage for English professional club rugby. The existing 10-team Premiership is set to become a franchise 'expansion' league from 2029-30, accelerating the race for new funding. Recent examples include Red Bull's takeover of Newcastle and Sir James Dyson's acquisition of a 50% stake in Bath.
Exeter have previously been backed by companies led by chair Tony Rowe, but at 77 he has indicated he cannot invest further after three decades. The club has sought fresh investment for two years, contacting over 80 entities before identifying their preferred backer. Exeter posted a £10.3m loss last year but now sit fourth in the Premiership and have reached the Challenge Cup semi-finals.
Director of rugby Rob Baxter has signed a new contract, and Rowe is expected to remain under new ownership if the deal is approved. 'The proposal is for the members to accept,' said Rowe. 'It is an American investor. They want to get involved in English rugby.'
Premiership Rugby is also launching a tender process for external investment, having removed the threat of relegation. The league previously sold 27% of commercial rights to CVC Capital Partners for around £200m and has been stabilising post-Covid finances after three clubs filed for bankruptcy.
