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(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.
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.
“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.”
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.
“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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