Exeter Chiefs members have voted overwhelmingly in favour of selling the club to Cannae Holdings Inc, the American company owned by billionaire Bill Foley, which also controls Premier League side AFC Bournemouth. The deal, negotiated by long-time chairman Tony Rowe, is expected to provide significant multi-million-pound funding for the Premiership rugby club.
Historic Vote at Sandy Park
At a special general meeting, members approved the sale by a comfortable majority, paving the way for Foley's Black Knight Sports and Entertainment group to take full control. Exeter, founded in 1871, has been a members-owned club throughout its history, rising from lower-league obscurity to win a European and domestic double in 2020.
Chairman's Perspective
Tony Rowe, 77, who negotiated the landmark deal, stated that the proposal is currently a non-binding expression of interest, with a formal offer expected after a 60-day due diligence process concluding before the end of the month. Rowe has been asked to remain with the club under the new ownership 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. All the stars are aligned to transform English rugby."
Support from Rugby Director
Rob Baxter, Exeter's director of rugby, also endorsed the change, saying: "I'm very confident that it's a positive way forward for the club. It keeps the club on a progressive footing. Premiership rugby clubs are big business now."
Bill Foley's Investment Empire
Foley, estimated to be worth around $2.6 billion, has a track record of sporting success. His NHL franchise, the Vegas Golden Knights, won the Stanley Cup within six years of their debut. Bournemouth, despite a small budget and 11,000-seat stadium, currently sit sixth in the Premier League, benefiting from Black Knight's data-driven approach and shrewd transfers. Similar strategies are planned for Exeter, with Cannae Holdings CEO Ryan Caswell attending a recent match at Sandy Park.
