Exeter Chiefs approve takeover by AFC Bournemouth owners

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. " Bournemouth owners close to Exeter Chiefs takeover Rowe targets new investment as Exeter post £10. 3m loss Should 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 to expand back to 12 teams.

Exeter chief executive Tony Rowe (left) watched Exeter's last Prem game at Sandy Park with Cannae Holdings' Ryan Caswell A completed takeover would end Rowe's decades-long stint at the helm of the two-time Premiership and 2020 European champions. Under his guidance, the Chiefs have progressed from the fourth tier of English club rugby to the top flight and moved to their current Sandy Park home in 2006. The stadium has since undergone a number of developments with plans to expand it to a capacity beyond 20,000 also in the pipeline.