Exeter Chiefs' US takeover completed as Black Knight takes charge

The owners of Premier League side AFC Bournemouth have completed their takeover of Premiership 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. The deal is understood to be worth around £25 million.

The club's members, who previously owned the two-time Premiership champions and 2020 European Champions Cup winners, voted last month to approve the plans. It is Black Knight's first rugby investment; the group also holds stakes in French football club FC Lorient and owns Auckland FC, as well as owning Bournemouth.

Exeter chief executive Tony 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. Rowe expressed enthusiasm about the partnership, stating that the financial burden had become too much for him and his family, and that Black Knight's investment will allow the club to move into the franchise era with ease.

Foley said the group has a proven track record of building successful sports and entertainment brands, and intends to bring that same approach to Exeter. Caswell added that Exeter is an attractive sports asset at a compelling entry price, with upside at both the club and league levels.

Exeter are the latest Premiership club to secure major new investment. Last August, Red Bull bought Newcastle, while Bath was boosted by businessman James Dyson taking a 50% stake. The takeover comes as a planned new franchise system for English top-flight rugby is set to begin, with promotion and relegation scrapped.

Under Rowe's leadership, Exeter moved to Sandy Park in 2006 and won promotion to the Premiership in 2010. They have won the league twice and the European Champions Cup in 2020, but COVID-19 debts led to a slump. However, they have bounced back this season with international recruits.