Black Knight complete Exeter takeover to become PREM's first US investors

Exeter Chiefs have confirmed that they have been taken over by Black Knight Rugby in a £45 million deal, ending Tony Rowe’s 25 years of funding the club.

The Chiefs will now be a new subsidiary of Cannae Holdings, Inc after Black Knight Rugby purchased 100% of the shares of Exeter Rugby Group Ltd following a vote by Exeter’s members.

It has been confirmed that Rowe, who helped the Exeter Chiefs survive a £25 million debt accrued following the COVID-19 pandemic, will continue as CEO for the next two years alongside AFC Bournemouth owner Bill Foley and Cannae Holdings 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. I look forward to working with Black Knight Rugby to support the club,” said Rowe.

“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.”

The Chiefs join FC Lorient of France’s Ligue 1 and Moreirense FC of Portugal’s Primeira Liga as part of Foley’s sports club portfolio, and he says that he will run the Chiefs on similar lines to Bournemouth, who finished sixth in the Premier League last season.

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

“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 community to build on the success of the club and drive future results.”

Caswell, who visited Sandy Park two months ago, said: “The acquisition of Exeter is the next example of Cannae executing on the strategic priorities outlined by our board. 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.”

Simon Massie-Taylor, CEO of PREM Rugby, said: “We are delighted to welcome Black Knight Rugby to the Gallagher PREM as our first American club investors in the competition.

“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, said: “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.”