Exeter Chiefs have been taken over by Black Knight Rugby, the American investment group behind Premier League side Bournemouth, in a deal understood to be worth around £25m. The takeover marks the first time a US-based organization has assumed control of a top-flight English rugby union club, representing a significant shift in the sport's ownership landscape.

Chief executive Tony Rowe will remain in his position and join a new three-person executive board alongside Cannae Holdings' William P Foley and Ryan Caswell. Rowe, who has led the club for 25 years, admitted the financial burden had become too great, paving the way for this investment that should help Exeter compete in the upcoming franchise era.

The move follows Exeter's journey from the County Ground to Sandy Park in 2006-07 and their subsequent rise to become two-time Premiership champions and 2020 European Champions Cup winners. Recent seasons have been challenging due to Covid-19 debts that dismantled their successful squad, leading to three seventh-place finishes followed by a club-worst ninth last term.

Exeter joins Newcastle (Red Bull) and Bath (James Dyson) as Premiership clubs securing major investment amid plans to scrap promotion and relegation in favor of a franchise system. Massie-Taylor called this 'another powerful signal' of English rugby's direction, while Rowe praised Black Knight's track record with Bournemouth and Vegas Golden Knights.