English rugby’s Exeter Chiefs have a new owner — and it’s an American one. A U.S. investment company has completed the full purchase of the storied rugby club, adding it to a growing international sports portfolio that already includes a Premier League soccer team.
Black Knight Rugby, a newly formed subsidiary of Cannae Holdings, finalized the 100% buyout of the Chiefs, the club confirmed on Tuesday.
Exeter has a decorated history, having won the European rugby championship in 2020 and the English championship in both 2017 and 2020.
Cannae Holdings, led by American businessman Bill Foley, has been building an extensive sports empire. In addition to Premier League club Bournemouth, the company also holds ownership stakes in French soccer club Lorient, Portugal’s Moreirense FC, New Zealand’s Auckland FC, and the Vegas Golden Knights of the NHL.
Bournemouth had a strong showing last season, finishing sixth in the Premier League and earning a spot in European competition for the very first time.
Foley expressed confidence that his company’s experience would translate well to rugby. “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,” he said.
The path to the sale began in May, when Exeter’s members voted by majority to allow the club to be sold. Just days before that vote, Cornish Pirates — a club competing in English rugby’s second tier — announced its own deal with Pittsburgh-based firm Stonewood Capital Management. Both deals are considered among the first known U.S. investments in professional English rugby.
American money has already made a significant mark on English soccer, with clubs like Manchester United, Chelsea, Arsenal, and Liverpool all having U.S. ownership. Hollywood figures Rob Mac and Canadian-born Ryan Reynolds also co-own Wrexham.
Over the past year, U.S. investors have also purchased stakes in The Hundred, England’s newest cricket competition.
English rugby may be drawing more investment interest following a February announcement that the automatic promotion and relegation system between the top two tiers would be eliminated, replaced by a criteria-based model for expansion and demotion. Rugby leaders had said the old system “was not delivering financial sustainability (and) discouraging long-term investment.”
As for Exeter’s on-field performance, the club fell to Northampton Saints in the playoff final of the Prem — the newly rebranded top league — earlier this month.
