Exeter Chiefs takeover completed as RFU herald ‘another positive signal for the future of professional rugby’
The takeover of Exeter Chiefs has now been confirmed
Black Knight Rugby has completed the full takeover of Exeter Chiefs, marking an end to chairman and CEO Tony Rowe’s financial support for the South West outfit.
A new subsidiary of Cannae Holdings, Inc., Black Knight Rugby has now purchased 100% of the shares in the club, and comes following a vote from the members last month.
The takeover was also subject to a 60-day due diligence process.
Exeter Chiefs takeover completed after members vote
While the vote will end Rowe’s long-standing financial support for the club, he will remain in post to maintain continuity, and joins a three-person executive board alongside Cannae Holdings, Inc.’s vice chairman Bill Foley and CEO Ryan Caswell.
“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,” said Rowe.
“I look forward to working with Black Knight Rugby to support the club. Black Knight’s partnership from both a capital and operation perspective will allow Exeter Chiefs to move into the franchise era with ease.
“Although I feel privileged to have led this club for the last 25 years, the financial burden was becoming too much for me and my family. With Black Knight, we can look forward to a positive future, building on what we have already achieved to keep pushing for success on and off the pitch.”
Cannae Holdings, Inc already have a large portfolio of sports teams around the world, including AFC Bournemouth, FC Lorent and Moreirense FC, and the new owners have detailed that they will run Exeter in a similar fashion to their football clubs.
“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.
“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.
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“We are excited to partner with Tony, the management team and the community to build on the success of the club and drive future results.”
“The acquisition of Exeter is the next example of Cannae executing on the strategic priorities outlined by our board,” added Caswell.
“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 supporters to further the club’s momentum both on and off the pitch.”
‘Exeter Chiefs are one of the great success stories of our game’
The takeover of the Chiefs is the first American investment into a PREM Rugby club, but it the latest cash injection into the league after Red Bull took over Newcastle and Sir James Dyson bought 50% of the shares at Bath.
“We are delighted to welcome Black Knight Rugby to the Gallagher PREM as our first American club investors in the competition,” said Simon Massie-Taylor, CEO of PREM Rugby.
“As proven owners in Premier League football with Bournemouth and in the NHL with the Vegas Golden Knights, Black Knight understands elite sport and what it takes to build a high-performance environment on and off the pitch. Their arrival is another powerful signal of where English rugby and PREM Rugby is heading.
“Exeter Chiefs are one of the great success stories of our game and Tony Rowe deserves enormous credit for everything he has built at Sandy Park and the legacy that he has created.
“To win two PREM titles and a European Cup is an extraordinary achievement. Tony’s vision, commitment and passion for the club and the wider game have been central to everything Exeter have achieved and we are pleased to see that he will continue to play an important role at the club.”
Bill Sweeney, RFU CEO, added: “This is another positive signal for the future of professional rugby in England.
“Over the past two years, the game has come together to reshape the professional system creating a more sustainable, investable environment while protecting the competitiveness of our competitions. Today’s announcement is further proof that this approach is starting to deliver.
“Alongside recent investments in Newcastle Red Bulls and Bath Rugby, as well as growing interest across PREM Rugby, it reinforces that the English game remains a highly attractive proposition, with ambitious clubs, passionate supporters and real growth potential.
“We also recognise the outstanding contribution of Tony Rowe, whose long-term commitment and investment have been central to Exeter Chiefs’ success and to the wider strength of the professional game.
“There is more to do, but this is an encouraging step forward and evidence of what can be achieved when the game aligns behind a shared plan.”