Former Hibs investor Bill Foley takes first step into rugby in £25m takeover deal

The American billionaire, who also owns Premier League side Bournemouth and NHL outfit Vegas Golden Knights as part of a vast sports franchise empire, has taken his first steps into rugby in a deal reportedly worth around £25million.

Following a vote by Exeter’s members to permit the sale, Black Knight Rugby, a new subsidiary of Foley's Cannae Holdings, has purchased 100 per cent of the shares in Devon club, who lost 26-17 to Northampton in the Prem Rugby final.

Foley will form part of a three-person executive board alongside Ryan Caswell, the former Hibs non-executive director. Tony Rowe will continue as chief executive, which Exeter said would help “maintain continuity”.

"If you had to choose an investor in the world of sport, you could not choose better than Black Knight. I am absolutely over the moon,” said former telecoms business owner Rowe, who has financially supported the club for 25 years. “With Black Knight, we can look forward to a positive future, building on what we have already achieved to keep pushing for success on and off the pitch.”

Foley bought a 25 per cent stake in Hibs for £6million in February 2024 through his Black Knight Football group, but the partnership lasted only 20 months before the Gordon family bought his shares back due to “philispohical differences” over the club's future.

As a result, Black Knight representatives Caswell and Tim Bezbatchenko stepped down from the Hibs board of directors

Foley had publicly criticised the footballing structure at Easter Road, particularly speaking out against the appointments of sporting director Malky Mackay and head coach David Gray.

Relations broke down over the Black Knights vision of integrating Hibs heavily into a feeder club model requiring extensive control over staffing and player development. The Gordons ultimately rejected this set-up and an amicable parting of ways was agreed.

The investment in Exeter is a first step into rugby for Black Knight, who also have stakes in French football club FC Lorient as well as owning Auckland FC.

Exeter are the latest Prem club to secure major new investment. Last August energy drinks giant Red Bull bought Newcastle, while Bath have been boosted by businessman James Dyson taking a 50 per cent stake in the Prem champions.

The takeover comes as a planned new franchise system for English top-flight rugby is set to begin, with promotion and relegation scrapped in favour of clubs in the second-tier Champ showing they are good enough on and off the field to have a place in the Prem.

"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," Foley said.

"Exeter adds another attractive sports asset to our portfolio at a compelling entry price with upside at both the club and the league level, that can be enhanced through Cannae's experience operating sports assets," Caswell added.

"We look forward to working with the Exeter team, its sponsors and supporters to further the club's momentum both on and off the pitch."