American investor Bill Foley has expanded his global sports investment portfolio into English rugby after Black Knight Rugby, a subsidiary of Cannae Holdings, completed the acquisition of Premiership Rugby club Exeter Chiefs.
The transaction marks the first full American takeover of a Premiership Rugby club, underlining growing international confidence in the commercial potential of the sport as it undergoes structural reform.
The acquisition, approved by Exeter Chiefs’ members, sees Black Knight Rugby assume full ownership of the club while preserving continuity in its leadership. Long-serving chairman Tony Rowe, who has overseen Exeter’s rise from the lower tiers of English rugby to domestic and European champions, will remain as Chief Executive alongside a newly established executive board comprising Foley and Cannae Holdings CEO Ryan Caswell.
The deal extends Foley’s multi-club ownership strategy beyond football into rugby union. The American businessman already owns Premier League side AFC Bournemouth and holds interests in French club FC Lorient, Portuguese outfit Moreirense FC, New Zealand’s Auckland FC and NHL franchise the Vegas Golden Knights. Exeter Chiefs become the latest addition to a diversified global sports portfolio focused on combining operational expertise, commercial growth and sustained on-field success.
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.”
The investment comes at a transformative moment for English rugby. Premiership Rugby is pursuing governance and competition reforms designed to strengthen the league’s long-term financial sustainability, including plans to expand from 10 to 12 clubs by 2029 under a franchise-style model that places greater emphasis on financial stability and long-term investment.
For Exeter Chiefs, the takeover delivers fresh capital and strategic expertise following years of financial pressure across the professional game. For Black Knight Rugby, it provides an entry point into a new global sport with significant commercial upside, reinforcing a broader investment strategy centred on acquiring established clubs with strong brands and long-term growth potential.
The transaction also reflects a wider trend of increasing American investment across British sport. U.S.-backed ownership groups now control several of English football’s biggest clubs, including Manchester United, Chelsea, Arsenal and Liverpool, while Hollywood actors Rob McElhenney and Ryan Reynolds have transformed Wrexham into one of the sport’s most recognisable global stories. Exeter Chiefs’ acquisition suggests rugby union could be the next frontier for American capital seeking opportunities in established European sports properties.
