Exeter Chiefs Members Back Sale to AFC Bournemouth Owners
exeter chiefs members have voted in favour of selling the club to the American owners of AFC Bournemouth. The decision clears the first major hurdle in a proposed change of control for the Premiership rugby side, but the process is still at the non-binding expression of interest stage.
Tony Rowe and Cannae Holdings
Members backed the move by a comfortable majority at a special general meeting, and Tony Rowe has negotiated the landmark deal with the new US backers. Cannae Holdings Inc, part of billionaire Bill Foley’s investment empire, is now set to take full control if the process reaches completion.
Rowe said: “It is just a non-binding expression of interest at this stage but, hopefully, an offer will follow and we can begin negotiating the terms of the sale.” The proposed owners are expected to provide significant multi-million-pound funding, which is central to the case for moving away from a structure that has lasted since Exeter were founded in 1871.
Bill Foley’s investment reach
Foley’s latest estimated wealth is around $2.6 billion, and his sports portfolio already includes the Vegas Golden Knights, who won the Stanley Cup within six years of their competitive debut. Bournemouth, meanwhile, sit sixth in the Premier League despite operating with one of the smallest budgets in the division and a stadium holding only 11,000.
That profile is part of the attraction for Exeter. The club has long operated as a members-owned side, but the deal on the table points to a different financial model for a Premiership club that won a European and domestic title double in 2020.
Rob Baxter on Exeter
Rob Baxter said: “I’m very confident that it’s a positive way forward for the club,” adding: “I think it just keeps the club on a progressive footing and that’s where we want to be. Premiership rugby clubs are big business now.”
Rowe, 77, has also been asked to stay on by the proposed new owners. The next step is the 60-day due diligence process, which will not be completed before the end of this month, so the vote opens the door but does not hand over control yet.
Ryan Caswell was at Sandy Park last month to watch the game against Northampton Saints, a reminder that this is not just a boardroom move for a club built on a close connection with its members. Those members have now signalled they are ready to trade that old model for the resources promised by Cannae Holdings, if the numbers and terms check out.
