AFC Bournemouth have confirmed that Bill Foley’s takeover has been ratified by the Premier League, ending Maxim Demin’s 11-year ownership of the Dorset club.
The deal has seen Foley, who also owns and founded National Hockey League side Vegas Golden Knights, purchase the Cherries for £120 million. The sale had been agreed in October and Foley was spotted as he attended Bournemouth’s 2-1 win over Leicester City at the Vitality Stadium that same month.
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Ultimately, Cherries will be owned by Black Knight Football and Entertainment (BKFE), which in turn is owned by Cannae Holdings, who hold a 50.1 per cent stake, with Foley controlling 25 per cent of shares.
The remaining 24.9 per cent of shares will be owned by a minority ownership group which is led by actor, director and producer Michael B. Jordan and Nullah Sarker. The two will work closely with Foley in terms of the global marketing and internationalisation of the club.
Cannae Holdings’ total commitment to acquire their share in BKFE will be $150.7m (£126.18m), paid in three instalments.
It is believed that due to the numerous parties involved in the purchase, the Premier League’s Owners’ and Directors’ test took longer to complete.
Foley will assume the role of club chairman with immediate effect and he will be in attendance for the Cherries’ next home match which will be against Crystal Palace in the Premier League on 31 December.
In a statement released by the club, the American businessman reaffirmed his commitment to the club and the local community.
He said: “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.
“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.”
Foley also thanked Demin for his service to Bournemouth for over the past decade, saying: “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 cooperation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focuses on his other business endeavours.”
