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Cobram Estate Olives Shares Surge 8% Today as Australia’s Top Olive Oil Maker Rides Global Supply Crunch

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The Intel Corporation logo is seen  in Davos

Shares of Cobram Estate Olives jumped Monday, climbing 33 cents, or 8.11%, to $4.40, pushing Australia’s largest extra virgin olive oil producer toward the upper end of its 52-week trading range as investors continued to bet on the company’s ability to capitalize on tight global supply and rising health-conscious demand for premium olive oil.

The gain extends a strong run for the stock over the past several months. Shares have climbed sharply from their 52-week low of $1.82, with the stock recently breaking above the $4 mark for the first time in some time after trading in a range closer to $3.60 to $3.95 for much of June. The rally has been significant enough to push Cobram Estate’s market capitalization to roughly $1.8 billion, with the stock now trading at a forward price-to-earnings ratio well above the average for Australia’s broader food industry, a premium analysts have generally attributed to the company’s structural growth story rather than near-term earnings alone.

Cobram Estate, formerly known as Boundary Bend Limited, owns Australia’s two top-selling homegrown extra virgin olive oil brands, Cobram Estate and Red Island, which together account for roughly half of all olive oil sold by value in Australian supermarkets. Founded in 1998 by Paul Riordan and Rob McGavin, the company has built what it describes as the largest vertically integrated olive oil operation of its kind, owning everything from olive groves and nurseries to mills, bottling facilities and a dedicated olive science laboratory. The company exports to 18 countries and has expanded its footprint significantly in the United States in recent years.

Much of the bullish sentiment surrounding the stock has centered on Cobram Estate’s positioning to benefit from ongoing supply disruptions in Europe, historically the dominant source of global olive oil production. Years of drought and extreme heat across major Mediterranean growing regions, particularly in Spain and Italy, have repeatedly squeezed European harvests, pushing global olive oil prices to elevated levels and creating an opening for diversified, geographically spread producers like Cobram Estate to capture market share, particularly in the lucrative U.S. retail and food-service channels. Analysts have pointed to the company’s year-round, multi-continent production base, spanning groves in Victoria, Australia, and California, as a structural advantage that allows it to smooth out the kind of single-region harvest volatility that has periodically hit European competitors.

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That U.S. expansion strategy took a major step forward late last year when Cobram Estate entered into a binding agreement to acquire California Olive Ranch for approximately $170 million, a deal structured with $88.5 million in cash, $70 million in vendor notes and a $15 million earn-out payment. The acquisition cleared U.S. antitrust review in March and was expected to complete by the end of that month, giving Cobram Estate a substantially larger footprint in the American premium olive oil market. Management has projected the deal would be roughly 9% accretive to earnings per share starting in fiscal 2027, the first full year following integration of the two businesses.

The company’s broader financial trajectory reflects that growth ambition. Cobram Estate derives the majority of its revenue from Australian operations, with the country contributing roughly $177.6 million in revenue against $60.8 million from its U.S. business in recent reporting, though that balance is expected to shift further toward the U.S. as the California Olive Ranch integration progresses. Consensus forecasts have pointed to annual revenue growth approaching 36%, well ahead of the broader Australian market, alongside projected earnings growth in the mid-20% range annually, underpinning much of the optimism reflected in the stock’s recent climb.

Cobram Estate has continued to invest in its leadership team to support that expansion. The company recently appointed Toni Brendish, a veteran of blue-chip consumer goods companies including Kimberly-Clark and Colgate-Palmolive and former chief executive of Westland Milk Products in New Zealand, as a non-executive director, bringing decades of fast-moving consumer goods and agricultural sector experience to the board. The company also added Daniel Masters as a non-executive director, whose involvement helped structure the California Olive Ranch acquisition, including securing US$25 million in debt funding from AGR Partners to support the transaction.

Not every signal surrounding the stock has been uniformly positive. Some technical and valuation-focused analysts have flagged that the stock’s rapid appreciation has pushed it toward, or in some assessments beyond, estimates of its underlying fair value, with at least one widely cited model placing fair value modestly below recent trading levels, suggesting the market may currently be pricing in a more optimistic scenario than some conservative earnings forecasts would support. Other analysts have offered more cautious longer-term revenue and earnings projections, citing the risk that climate-driven cost pressures and the capital intensity of an aggressive U.S. expansion could squeeze margins even as top-line growth remains strong. The central swing factors most commonly cited by analysts tracking the stock include actual harvest outcomes across both Cobram Estate’s Australian and Californian growing regions in any given year, along with the risk that today’s elevated global olive oil prices and tight European supply could ease more quickly than currently anticipated, potentially narrowing the pricing advantage that has supported the company’s recent earnings momentum.

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Cobram Estate has historically paid a single, partially franked annual dividend to shareholders, typically distributed in December, and offers a dividend reinvestment plan allowing investors to direct some or all of that payout toward purchasing additional shares rather than receiving cash. The company’s most recent annual dividend came in 36% higher than the prior year’s payout, reflecting the broader improvement in earnings that has accompanied its expanding operations.

Looking ahead, Cobram Estate is scheduled to report its full fiscal year 2026 results on Aug. 28, a release that will give investors a clearer picture of how effectively the company has converted its investments in U.S. production capacity, brand recognition and distribution into actual shelf space, sales volumes and sustained pricing power, particularly as the integration of California Olive Ranch progresses and global supply conditions in the broader olive oil market continue to evolve.

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Federal order advances regenerative agriculture

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Federal order advances regenerative agriculture

Trump signs executive order directing research, evaluation framework.

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American Airlines delay strands GOP lawmaker, causes 3 House members to miss votes

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American Airlines delay strands GOP lawmaker, causes 3 House members to miss votes

Rep. Max Miller, R-Ohio, blasted American Airlines on Monday after a lengthy delay left him and two other members of Congress unable to return to the Capitol in time for House votes.

Miller said the delay caused him and two other lawmakers to miss votes Monday evening, including final passage of the Kids Internet and Digital Safety (KIDS) Act, which cleared the House by a 267-117 vote. The legislation would require major online platforms to adopt new safeguards for minors, including expanded parental controls, limits on certain messaging features and disclosures by artificial intelligence chatbots.

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In a post on X, Miller accused the carrier of repeated operational failures, writing that “three members of Congress will miss votes tonight because of your incompetent airline.”

The Ohio Republican said the aircraft remained on the tarmac for more than two hours before returning to the gate, where passengers deplaned and returned to the terminal.

JETBLUE CUTS BACK AT NEWARK, LAGUARDIA AIRPORTS AS AIRLINE SHIFTS FOCUS TO FLORIDA

“We have been on the tarmac for over two hours and are now going back to the gate. Pathetic,” Miller wrote.

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Miller added that he has resorted to driving from his Ohio district to Washington for the past seven months because of recurring air travel problems.

max miller

Rep. Max Miller, R-Ohio, attends the Ways and Means Committee hearing on the priorities of the Treasury Department in Longworth building on Thursday, June 4, 2026. Treasury Secretary Scott Bessent testified.  (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

American Airlines responded publicly to Miller on X, apologizing for the disruption.

“We know how important it is to get where you’re going on time, and we’re truly sorry for the delay,” the airline wrote. “Our ground team is working hard to get you moving soon.”

American Airlines

The U.S. Department of Transportation approved American Airlines’ request to operate flights to Caracas and Maracaibo, Venezuela, following the lifting of a yearslong restriction on U.S. carriers. (DANIEL SLIM/AFP via Getty Images / Getty Images)

According to FlightAware, American Airlines canceled nine flights Monday and delayed 706 flights — about 19% of its scheduled operations. Airlines worldwide logged nearly 25,000 delays throughout the day.

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The incident came as airlines prepared for one of the busiest travel periods of the year. The Transportation Security Administration expects to screen nearly 18.7 million passengers between June 30 and July 6, with more than 3 million travelers projected to pass through airport security checkpoints on Thursday alone.

American Airlines plane departs Los Angeles

American Airlines is set to resume nonstop service between Miami and Venezuela after the U.S. Department of Transportation approved the carrier’s request on March 4, 2026, marking the first time a U.S. airline has restored flights to the country sinc (Kevin Carter/Getty Images / Getty Images)

TSA said it has fully staffed security checkpoints for the Independence Day travel period and deployed additional personnel and resources to support heightened travel demand tied to both the nation’s 250th anniversary celebrations and the 2026 FIFA World Cup, which is being hosted across the United States, Canada and Mexico.

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FOX Business has reached out to American Airlines for comment. 

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Bel Fuse A stock hits all-time high at 276.57 USD

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Bel Fuse A stock hits all-time high at 276.57 USD

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My Own Meals expands leadership team

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My Own Meals expands leadership team

Kathleen Dumler takes on several leadership roles at My Own Meals, Inc.

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Major residential scheme for next phase of Brymbo Park

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Gleeson plans to build 200 new homes at the former steelworks site near Wrexham

The former Brymbo steelworks(Image: Copyright Unknown)

A preferred housebuilder for the next phase of development at the former British Steelworks site at Brymbo near Wrexham has been confirmed.

Brymbo Developments Ltd (BDL) – a subsidiary of private development company Parkhill Group – has selected MJ Gleeson for a major residential scheme at one of North Wales’s largest regeneration sites, Brymbo Park.

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Gleeson is set to acquire a 6.487 hectares (16.03 acres) plot with outline planning permission for 200 new homes. The value of the land deal has not been disclosed.

The residential development site forms part of the wider regeneration of the 560-acre former steelworks, which closed in 1990.

BDL recently secured an agreement for a 5,000 sq ft Sainsbury’s convenience store, with a further 4,500 sq ft of retail space currently being marketed. As part of its commitment to delivering essential new community facilities, the developer has also recently completed the transfer of land to Wrexham Council to accommodate a new local primary school, with work scheduled to commence in early 2027.

James Cannon, head of property at Parkhill Group, said: “Gleeson is a well-respected developer and a good fit for this site. We are confident that they will deliver fit-for-purpose new homes for the local community, which will provide a further catalyst for this major regional regeneration project. We look forward to working alongside them to deliver the next phase of this transformative project.”

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Gareth Owen, land director at Gleeson, added: “We are delighted to be selected as the preferred bidder for the next phase at Brymbo Park, a site of significant scale and importance to the region. This acquisition presents an exciting opportunity for Gleeson to deliver high-quality homes that meet local demand, while contributing to the wider regeneration of this historic site.”

The wider masterplan also includes a visitor attraction celebrating the site’s heritage, which recently secured a £10m funding deal from the National Lottery, Wrexham Borough Council, CADW and National Resources Wales. It is scheduled to open this summer.

The remaining retail space at Brymbo Park is being marketed by BA Commercial. Moreover, the site’s 6.46 acre plot C for up to 84 new homes will be marketed shortly.

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Toast: The Market Is Focused On The Wrong Metric (NYSE:TOST)

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This article was written by

Hi, my names Tyler! While I am currently a student at University of South Carolina well on my way to earning majors in Finance and Risk Management, I spend nearly all my free time analyzing companies and the market. My credentials include a Level 2 certification through the Adventis FMC program as well as certificates from Bloomberg Market Concepts.I have been investing since middle school, however, I am much more focused on investing now than I was then. Overall, I am event-driven, opportunistic investor who is just looking for the next best thing.I was particularly inspired by Cornwall Capital, who found stocks others deemed “risky” and completed in-depth research to find the true story. This is my main strategy today, finding ignored or underfollowed stocks that bring more to the table than people think. This led me to make my first “Cornwall” trade back in May acquiring shares and LEAP option contracts of Opendoor Technologies at $0.75, before the meme rally. I acquired more shares around $0.56 and $2.00 and although I sold my option contracts for a profit of 4000%+, I continue to hold my shares to this day. I write and post anything that I find interesting or I believe has a strong opportunity ahead across any industry or sector. I’ve always enjoyed sharing my thoughts on companies with family members and friends so I figured, why not share with everybody!

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Why is Strategy stock sliding today?

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Why is Strategy stock sliding today?

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Warriors Reportedly Plan All-In Pursuit of LeBron James and Anthony Davis to Give Stephen Curry One Last Shot

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LeBron James Stephen Curry

SAN FRANCISCO — The Golden State Warriors are preparing to pursue one of the boldest, riskiest roster overhauls in recent NBA memory, planning a simultaneous push for free agent LeBron James and a trade for Wizards center Anthony Davis as the franchise looks to transform a play-in tournament team into a legitimate title contender around an aging Stephen Curry.

ESPN’s Shams Charania reported that the Warriors are “planning a pursuit of LeBron James in free agency and Anthony Davis via trade this week,” signaling that Golden State intends to move aggressively on both fronts as NBA free agency officially opens. The strategy reflects an organization fully aware of the shrinking championship window surrounding Curry, who turns 38 this season and remains the centerpiece of any title hopes for a franchise that won 37 games and finished as a play-in participant last season.

The boldness of the plan is matched only by its inherent risk. James, 41, has missed more than 20 games in four of his last six seasons, while Davis, 33, has totaled just 71 appearances combined over the past two seasons. Pairing two stars with that combined injury history alongside an already injury-prone roster, one that includes Al Horford, Kristaps Porziņģis and Draymond Green, represents what amounts to a significant gamble on health and availability as much as on talent.

Despite those concerns, the potential upside has kept the idea squarely on the table for Golden State’s front office. The Curry-James-Davis trio has already shown it can function at an elite level together, having helped Team USA capture gold at the 2024 Paris Olympics under the direction of current Warriors head coach Steve Kerr. That shared chemistry and Kerr’s familiarity with deploying all three players alongside one another has reportedly factored into the Warriors’ confidence that the pairing could translate successfully to an 82-game NBA season and a deep playoff run, even accounting for the players’ respective ages and recent injury histories.

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According to NBA insiders Marc Stein and Jake Fischer, the Warriors are considered “far and away the most interested external suitor” for James as he weighs his free agency options this summer. Still, there is no guarantee James will be willing to leave his Los Angeles home base to relocate for a fresh start in the Bay Area, particularly given the financial constraints Golden State would likely face in putting together a competitive offer. Absent significant additional maneuvering, the Warriors may have only the non-taxpayer midlevel exception, worth roughly $15.1 million, available to offer James as a free agent.

Even securing that level of cap flexibility would require considerable financial gymnastics on Golden State’s part. Draymond Green’s decision to decline his $27.7 million player option Monday was widely viewed as a necessary first step toward clearing the path for such a pursuit, but the Warriors would likely also need Green to accept a meaningful pay cut on any new contract, and the team may need to shed the salary of injured swingman Moses Moody to fully open up the financial space required to make a James pursuit and a Davis trade both feasible simultaneously.

The Davis side of the equation presents its own complications. Any trade for the Wizards center would likely require Golden State to include Jimmy Butler, meaning the Warriors would have to reverse course on previously stated plans to keep Butler on the roster throughout his recovery from a torn ACL. On Washington’s end, the Wizards would similarly need to abandon their own publicly stated intention to keep Davis as a core piece of their rebuilding effort, a stance general manager Will Dawkins reiterated just weeks ago when he said the team and Davis both want him to remain in the nation’s capital. Bridging that gap between Washington’s stated plans and Golden State’s ambitions remains one of the most significant obstacles standing between the Warriors and completing the proposed blockbuster.

Analysts following the situation have been blunt about just how complicated pulling off both moves simultaneously would be, describing the broader plan as far from simple and acknowledging that success would require a substantial amount of fortune breaking in the Warriors’ favor across multiple fronts at once, from James’ personal willingness to relocate, to Washington’s openness to moving Davis, to the financial restructuring needed to make the math work under the league’s salary cap and luxury tax rules.

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Still, the calculus facing Golden State’s front office is straightforward in its own way: there has never been an easy or conventional path to transforming a 37-win, play-in-caliber roster into a genuine championship contender. With Curry’s prime years narrowing and no clear alternative path to title contention readily available through the draft or more conventional free agency moves, pursuing a high-variance, high-reward strategy built around two future Hall of Famers represents, in the view of those tracking the situation, a realistic if far from guaranteed route back to relevance for a franchise that has won four championships over the past decade but has watched its competitive window narrow considerably in recent seasons.

Whether the Warriors can actually thread the needle, convincing James to leave Los Angeles, persuading Washington to part with Davis, and restructuring their own roster finances enough to fit both moves under the salary cap, remains very much an open question as free agency unfolds this week. But for an organization unwilling to simply accept a gradual decline around its aging core, league sources indicate Golden State views this aggressive dual pursuit as the clearest remaining avenue to give Curry one final, legitimate opportunity to add to his championship resume before his career window closes entirely.

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Serena Williams Returns to Wimbledon Today After Nearly Four Years Away, Facing Maya Joint in First Round

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Maja Chwalińska

LONDON — Serena Williams steps back onto a Grand Slam singles court Tuesday for the first time in nearly four years, opening her much-anticipated Wimbledon return against 20-year-old Australian Maya Joint in a first-round match that caps a remarkable, fan-driven comeback to the sport’s most storied tournament.

Williams, a seven-time Wimbledon singles champion and 23-time Grand Slam winner, last competed in a singles match at a major tournament during the 2022 US Open, where she fell in the third round to Ajla Tomljanovic in what many assumed at the time was the closing chapter of her professional career. That assumption was upended on June 21, when Williams confirmed her return to the All England Club through a joint Instagram post with the tournament itself.

“This is not a drill,” the post read, accompanying a photo of Williams on a grass court alongside the caption “Serena Returns.”

The announcement followed an earlier reveal that Williams would also reunite with her sister Venus for women’s doubles at this year’s tournament, a pairing that has won six Wimbledon doubles titles together among 14 Grand Slam doubles championships overall. Speaking with reporters at the Berlin Tennis Open earlier this month, which marked just her second competitive appearance since her extended break, Williams credited her younger daughter for nudging her back toward the doubles reunion with Venus.

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“My daughter, Olympia, told me I should play with Venus,” Williams said. “She’s always right.”

Williams, who shares daughters Olympia and Adira with husband Alexis Ohanian, described her older daughter as unusually perceptive for her age, calling her smart and wise before recounting her own initial response to the suggestion. “I said, ‘Okay, Olympia, we’ll see if we can do it,’” Williams said.

Tuesday’s first-round singles match pits Williams against Joint, a rising Australian player born in Michigan, the same state where Williams herself first picked up a racket. Joint, who made her own Wimbledon debut just last year, has described the matchup as a career milestone she once considered nearly unimaginable.

“I always dreamed about playing Serena Williams,” Joint told ESPN. “If you told me 10 years ago that I’d be playing her first round at Wimbledon, that’s just crazy.”

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Joint also addressed the mental challenge of facing a player whose career she grew up admiring, saying she planned to focus narrowly on the match itself rather than the magnitude of her opponent’s legacy. “You just have to play the ball,” she said. “You can’t really think about who you are playing because I’ll just get too nervous. I’ll just take it one ball at a time.”

The exact start time for the Williams-Joint match depends on Tuesday’s official order of play, which tournament organizers traditionally release the evening before each day’s matches. Wimbledon’s broadcast coverage in the United States begins daily at 6 a.m. ET, running continuously through the tournament’s conclusion on July 12, with matches available across Tennis Channel, ESPN, the ESPN app and the network’s dedicated Wimbledon streaming hub. A complete list of international broadcast options is also available through the tournament’s official channels for viewers outside the U.S.

Williams enters her singles return without an active ranking, having been away from competitive tennis long enough to fall outside the WTA’s standard ranking system entirely, which left wild card entry as her only realistic path into the main draw. Tournament organizers granted her that wild card alongside a separate entry for the Williams sisters’ doubles reunion, with Venus and Serena set to compete together at Wimbledon for the first time since 2016, the same year Serena most recently claimed the tournament’s singles title.

Williams’ build-up to Wimbledon included a deliberately limited slate of tune-up matches on grass, a surface she has long considered her strongest. Beyond her appearance at the Berlin Tennis Open, Williams also played doubles at the HSBC Championships at London’s Queen’s Club earlier this month, partnering with Victoria Mboko in what was widely viewed as an early test of her readiness to compete again at a high level. Those appearances, along with continued practice sessions at the All England Club in the days leading up to the tournament, set the stage for Tuesday’s singles debut against Joint.

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The broader 2026 Wimbledon field includes several other storylines competing for attention alongside Williams’ comeback. Defending women’s champion Iga Świątek is seeking her second consecutive title at the tournament after an earlier exit at the French Open, while Jannik Sinner aims to defend his men’s title following his own surprising early departure from this year’s Roland Garros. Both Sinner and longtime rival Novak Djokovic landed in the same half of the men’s draw, raising the possibility of a semifinal meeting between the two should they each advance that far.

For Williams, however, Tuesday’s match carries significance well beyond the tournament bracket itself. Her return marks one of the most closely watched comebacks in recent tennis history, drawing attention not only for the rarity of a player of her stature returning to Grand Slam singles competition after such an extended absence, but also for what it represents emotionally, a chance for her young daughters to watch their mother compete on one of the sport’s biggest stages, something neither child has had many opportunities to witness during Williams’ time away from the tour.

Whether Tuesday’s match against Joint marks a brief, ceremonial return or the start of a longer competitive run remains to be seen. But for a player widely regarded as the greatest in the history of women’s tennis, simply stepping back onto Wimbledon’s Centre Court grounds, nearly four years after many assumed her singles career had already concluded, represents a moment tennis fans worldwide have been anticipating since the surprise announcement first broke earlier this month.

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Exeter Chiefs acquired by AFC Bournemouth owner Bill Foley

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The deal ends 155 years of member ownership

Exeter Chiefs' Dafydd Jenkins celebrates scoring his sides third try during the Gallagher PREM final match between Northampton Saints and Exeter Chiefs at Allianz Stadium on June 20

Exeter Chiefs’ Dafydd Jenkins celebrates scoring his sides third try during the Gallagher PREM final match between Northampton Saints and Exeter Chiefs at Allianz Stadium on June 20(Image: CameraSport via Getty Images)

US business tycoon Bill Foley has completed the acquisition of Premiership Rugby club Exeter Chiefs, ending 155 years of member ownership. Foley’s Cannae Holdings has agreed to invest £19.6m in the Devon side through its newly created subsidiary Black Knight Rugby.

The deal values Exeter at £32.6m, with the new owner set to pay £11.7m to clear outstanding debt and other liabilities, while another £7.9m will remain on the balance sheet for growth capital and general corporate purposes.

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Members voted in favour of the sale to Foley – a billionaire who also owns AFC Bournemouth – in May.

Cannae said on Tuesday (June 30) the transaction was part of a strategy of “transforming its portfolio” to concentrate on sports and entertainment-related assets, where it has the ability to drive shareholder returns.

It is understood the company will look to capitalise on commercial opportunities at Sandy Park – the club’s 15,000-capacity purpose-built rugby stadium – following the takeover.

“Exeter is the type of asset we have been seeking as we transform Cannae into a focused portfolio of sports and entertainment businesses,” said Foley, who is vice chair of Cannae Holdings.

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“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. We are excited to partner with Tony, the management team and the Exeter community to build on the success of the Club and drive future results.”

Tony Rowe, chair and chief executive of Exeter Chiefs, said the completion of the deal was “a tremendously exciting moment” for the club. He will continue to serve as a director and CEO following the acquisition.

“By partnering with Cannae, we are securing a unique partner with experience, ambition and long-term commitment that will position the club to compete at the highest levels of English and European rugby,” he said.

“I look forward to working with the Cannae team to drive the Club forward with our players, our staff, and our supporters.”

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Hollywood star Michael B Jordan, who won this year’s best actor Oscar for his role in Sinners, is a minority shareholder in Black Knight Football Club.

The news comes just days after Exeter finished as runners-up to Northampton in the 2025/26 season.

“The acquisition of Exeter is the next example of Cannae executing on the strategic priorities outlined by our board,” added Ryan Caswell, chief executive of Cannae Holdings.

“Exeter adds another attractive sports asset to our portfolio at a compelling entry price with upside at both the club and the league level – that can be enhanced through Cannae’s experience operating sports assets.

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“We look forward to working with the Exeter team, its sponsors and the supporters to further the club’s momentum both on and off the pitch.”

Last year, Business Live revealed that all of England’s Premiership rugby clubs were making huge financial losses, with experts warning at the time that the sport was facing a “crisis” that could see more teams going under.

Rugby – the last of the big sports to professionalise – has long relied on owners and benefactors to cover ever-mounting debt burdens.

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