Bournemouth have confirmed the completion of their takeover by Bill Foley and his partnership Black Knight FC. Sky Sports News understands the deal is worth in excess of £100m.
After months of negotiations, Foley replaces Maxim Demin to become the latest American to invest in English football after the deal was finally approved by the Premier League following a stringent owners and directors test.
Black Knight Football Club, of which Foley is the managing general partner, has purchased a 100 per cent stake in the club from previous owner Demin.
“I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team,” Foley said in a statement.
“We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours. I am committed to work with the best football and business minds available to enhance player development, facilities, and the fan experience to put AFC Bournemouth in the best possible position to succeed.”
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Foley will assume the role of chairman and attend the Cherries’ next home match, against Crystal Palace on December 31.
The 77-year-old, who is based in Las Vegas, made his money in the insurance industry before buying National Hockey League team Vegas Golden Knights. With a reported net worth of £1.2bn, he also owns a winery and several restaurants.
The minority ownership group is led by award-winning actor, director and producer Michael B Jordan and Nullah Sarker. Bournemouth is Jordan’s first foray into professional sports ownership, as he and Sarker will work closely with Foley in areas including global marketing and internationalisation of the club.
After Foley’s intention to purchase Bournemouth became clear, he flew to the UK back in October to take a tour of the club’s facilities and attend the Cherries’ 2-1 home win over Leicester.
Foley has already revealed his plans to expand the Vitality Stadium and develop the training ground on the south coast. With the January transfer window less than three weeks away, Foley is also expected to give head coach Gary O’Neil money to spend on new signings.
Last month, Bournemouth confirmed O’Neil as their permanent head coach on an 18-month deal after 12 matches in interim charge.
O’Neil replaced the sacked Scott Parker at the end of August and has impressed in his first managerial role. Bournemouth have won four, drawn four and lost four under the 39-year-old and are 14th in the Premier League, three points above the relegation zone.
Demin departs after 11 years as Bournemouth’s owner, a run which included the club’s ascension from League One to the Premier League in less than five seasons.
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Foley added: “Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist. Maxim’s support and involvement has allowed the club to establish itself as a top-flight team.
“We’d like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focusses on his other business endeavours.”
Ex-Leeds head coach Marcelo Bielsa had held discussions with the Dorset club over a potential return to the Premier League, but it was O’Neil – already a players’ and fans’ favourite – who new owner Foley and the Bournemouth hierarchy feel deserves to continue in the dugout.
Bournemouth return to action after the World Cup break with a trip to Newcastle and former boss Eddie Howe in the Carabao Cup next Wednesday. They then travel to Chelsea in the Premier League on December 27.
Analysis: Demin will be the greatest owner the club has ever had
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Sky Sports News reporter Mark McAdam:
“What a day for Bournemouth fans. It is a day they’ve been waiting for a long time. The takeover has been rubberstamped by the Premier League and the club now has new owners, led by Bill Foley.
“It’s the start of an exciting new era for this football club and we understand the deal is worth in excess of £100m. It’s a significant day for Bournemouth, who currently sit 14th in the Premier League. Knowing what I do know about Bill Foley in the last few months, he is a hugely ambitious man who will have hugely ambitious plans for this football club.
“He is 78-years-old tomorrow so this is an early birthday present. Maxim Demin will go down as the greatest owner in this club’s history. He’s not done a media interview in 11 years, which tells you about his character.
“He is a very humble, hard-working man. He’s been a very generous man since he arrived in 2011. He’s taken the club all the way to the Premier League, where they stayed initially for five years and he’s invested over £250m and supported the club when it was relegated from the Premier League.
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“He’s developed the club financially and has developed the infrastructure and the training ground. He’s always had the club close to his heart and he’s always been hugely passionate about the club. He’s taken it to a new era. He’s taken their dream of getting to the Premier League and has multiplied it by a thousand.
“As for the Hollywood actor Michael B Jordan, it shows the direction of this football club. It gives you an indication of Foley’s plans and the direction he wants to take it in. Michael B Jordan will be known to viewers as the actor who starred in Black Panther and Creed. It’s his first opportunity for him to move into sports ownership and he’s only 35-years-old.
“It’s a new venture for him and having him as part of their new ownership and consortium, it gives you an indication of Bournemouth’s plans and the type of club it will be moving forward.
“You don’t buy a football club for in excess of £100m if you’re not planning to invest in it and inject money and to try to take it to the next level, so it’s clear there are some hugely ambitious and exciting plans for Bill Foley and his consortium team
“He does make reference to it in is statement, the investment into team, so clearly there will be fresh faces in January and there will also be work on the stadium. The new training ground will be state-of-the-art, and his statement also says he wants to spend money on the community, the academy and the women’s team.”