"Exeter's members have voted in favour of selling the club to the American owners of AFC Bournemouth. Cannae Holdings Inc, part of billionaire Bill Foley's investment empire which also includes the Black Knight Sports and Entertainment group, is now set to take full control of the Chiefs and provide significant multi-million-pound funding"
Exeter members have approved a sale of the club to American owners associated with Cannae Holdings Inc, part of Bill Foley’s investment group. The vote occurred at a special general meeting, ending Exeter’s members-owned model that began in 1871. A negotiated deal with the proposed US backers is currently a non-binding expression of interest, with a 60-day due diligence process required before any offer can be considered. Long-time chairman Tony Rowe expects the process to complete by the end of the month and believes the new owners will provide long-term investment and understanding of the sport. Director of rugby Rob Baxter supports the change, arguing that professional rugby requires significant financial resources to progress.
Read at www.theguardian.com
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