Multi-billionaire backing lined up as Exeter Chiefs face takeover vote

Significant backing from a billionaire-led consortium awaits Exeter Chiefs as members prepare to vote on a proposed takeover.

This multimillion-pound deal is waiting for review by Gallagher Prem members at the extraordinary general meeting (EGM) set to be held in May.

Securing the transition needs 75 per cent approval of its approximately 700 members.

Behind the takeover is Bill Foley, owner of multi-sport investment company Black Knight Sports and Entertainment. The company also acquired Bournemouth AFC in December 2022.

Recent investments into French club FC Lorient, New Zealand’s Auckland FC, and Moreirense in Portugal have made Black Knight one of the biggest multi-club groups in football.

With Foley’s estimated net worth of $2.6 billion and Sinners actor and Oscar-winner Michael B. Jordan as a minority shareholder, the takeover is set to inject significant financial backing into the club.

via Unsplash

Spearheaded by RedBull’s acquisition of Newcastle and James Dyson’s 50 per cent share in Bath, interest in the English rugby club continues.

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If the deal is completed, Exeter will become the latest Premier League club to attract significant investment.

Chief Chairman of Exeter Chiefs, Tony Rowe, has publicly admitted his search for new ownership, and told The Guardian he’s “effectively run a business for the last 30-odd-years for a shareholder who’s got no money”.

“Whether you like it or not, professional sport is all about money.

We need money to survive,” Rowe admitted.

This takeover may be exactly what Rowe has been searching for, underscoring the growing crossover between elite sport and high investment, shaping the future of rugby union.

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Featured image via Unsplash (right) and flickr (left before edits) under Creative Commons Attribution-Share Alike 2.0