Exeter Chiefs' US takeover completed as Black Knight take charge
Exeter Chiefs have completed their takeover by American billionaire Bill Foley and his newly formed Black Knight Rugby, a subsidiary of Cannae Holdings Inc. The deal marks the first time a top-flight English rugby club has been taken under control by a US-based ownership group.
The acquisition is worth approximately £25 million. It ends Tony Rowe's 25-year financial burden supporting the club, which accumulated a £25 million debt following the COVID-19 pandemic. Rowe will remain as chief executive and form a new three-person executive board alongside Cannae Holdings vice-chairman William P Foley II and CEO Ryan Caswell.
Black Knight's existing portfolio includes Premier League club AFC Bournemouth, French football club Lorient, and Auckland FC. This represents the group's first rugby investment. Foley said: "Exeter is the type of asset we have been seeking as we transform Cannae into a focused portfolio of sports and entertainment businesses. We have a proven track record of building successful sports and entertainment brands like Black Knight Football's network of clubs and we intend to bring that same approach to Exeter."
Rowe stated: "If you had to choose an investor in the world of sport you could not choose better than Black Knight. I am absolutely over the moon. Black Knight's partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease."
The takeover arrives as English top-flight rugby implements a new franchise system, scrapping promotion and relegation in favour of second-tier clubs proving their credentials. Exeter reached their seventh Premiership final this month before losing 26-17 to Northampton Saints. The club has won the title twice and captured the European Champions Cup in 2020.
Rowe confirmed that investment will be used to clear debt and strengthen the playing squad. The RFU and PREM Rugby welcomed the acquisition, with RFU CEO Bill Sweeney describing it as "another positive signal for the future of professional rugby in England."