Exeter Chiefs approve takeover by AFC Bournemouth owners

Exeter approve takeover by AFC Bournemouth owners Image source, Getty ImagesImage caption, Exeter were promoted to the top flight of English rugby in 2010ByBrent PilnickBBC Sport EnglandPublished11 minutes agoCommentsA takeover of Exeter Chiefs by the owners of Premier League AFC Bournemouth has been approved by the Prem rugby club.Members and shareholders voted in favour of a bid by Cannae Holdings' Black Knight Sports and Entertainment at a special general meeting on Thursday night.If the takeover goes through, the American investors will purchase all shares in the Devon club.Black Knight is currently carrying out a due diligence process which will not be completed before the end of May.The group also have stakes in French club FC Lorient as well as owning Auckland FC."This does not represent a firm offer," Exeter chairman and chief executive Tony Rowe said in a statement."It is just a non-binding expression of interest at this stage but, hopefully, an offer will follow and we can begin negotiating the terms of the sale."New investment could boost Exeter squad - BaxterPublished1 day agoBournemouth owners close to Exeter Chiefs takeoverPublished19 AprilRowe targets new investment as Exeter post £10.3m lossPublished7 JanuaryShould the deal be completed, it would be the first time foreign football owners have invested in an English top-flight rugby team.They are the latest new investors in the domestic game after Newcastle were bought up by energy drink giant Red Bull in August, while billionaire industrialist Sir James Dyson became co-owner of Bath in March after sinking significant new capital into the champions.It is the second lot of American investment in the sport in as many days after Exeter's South West neighbours Cornish Pirates - who play in the second-tier Champ - announced new funding from the United States.It comes as the Prem does away with promotion and relegation in favour of a franchise-type model with the league aiming...