The takeover of Exeter Chiefs rugby club by a US-based investment company is now complete, following a vote in favour of the proposed takeover by the club’s members in May.
Black Knight Rugby, a newly-created subsidiary of US-based holding company Cannae Holdings, Inc., has purchased all the shares in the club from its former owner Exeter Rugby Group.
Exeter Rugby Group assets also include conference centre facilities at the club’s Sandy Park stadium, which has permission to accommodate up to 20,600 spectators and hold music concerts with up to 15,500 attendees as well as boxing, wrestling, theatre and film events.
The US holding company bought AFC Bournemouth in 2022 via another subsidiary and also owns several other sports club franchises as well as financial and technology services companies, a distillery and two bar and restaurant chains.
The takeover deal, which includes the Exeter Chiefs women’s team, cost the company £19.6 million of which £11.7 million will be used to pay down outstanding debts, leaving £7.9 million on the club’s balance sheet.
The May club members vote in favour of the deal followed a January announcement by Exeter Chiefs chairman Tony Rowe that he was seeking a new major shareholder for the club, made a few days before Exeter Chiefs owners Exeter Rugby Group reported a £10.3 million loss.
Tony Rowe will stay on as club CEO under the new ownership arrangements and will join a new three-person executive board alongside Cannae Holdings CEO Ryan Caswell and vice chairman Bill Foley.
