A NEW chapter has begun for Exeter Chiefs after the Premiership club secured a major investment deal that promises to take the Sandy Park side into an exciting new era.

The Chiefs have officially been sold to Black Knight Rugby, a new sports subsidiary of Cannae Holdings Inc, after club members voted overwhelmingly to approve the deal.

The agreement sees Black Knight Rugby take ownership of 100 per cent of Exeter Rugby Group Ltd, bringing fresh investment, global sporting experience and renewed ambition to one of English rugby’s most successful clubs.

However, one of the most important figures in Exeter’s remarkable rise will remain firmly involved. Tony Rowe CBE will continue as chief executive officer, providing continuity after 25 years at the helm.

Rowe, whose vision transformed the Devonians from a community club into a force capable of winning domestic and European honours, said he could not have wished for a better partner.

“If you had to choose an investor in the world of sport, you could not choose better than Black Knight,” he said. “I am absolutely over the moon.”

The deal marks the end of Rowe’s personal financial backing of the club, which helped steer the Chiefs through some of the toughest challenges in its history, including a £25m debt crisis following the COVID-19 pandemic.

Now, with the backing of Black Knight Rugby, the Chiefs can look towards the future with greater financial security and the opportunity to continue competing at the highest level.

Rowe said: “Black Knight’s partnership from both a capital and operational perspective will allow Exeter Chiefs to move into the franchise era with ease.”

He added: “Although I feel privileged to have led this club for the last 25 years, the financial burden was becoming too much for me and my family.

“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.”

The new ownership group brings significant experience from the world of elite sport. Cannae Holdings has invested in a number of major sporting organisations, including Premier League football club AFC Bournemouth, which achieved a record sixth-place finish last season, as well as clubs in France and Portugal.

Black Knight’s arrival is being seen as a major statement of intent, with the company aiming to use its sporting expertise to strengthen Exeter both commercially and competitively.

Cannae Holdings vice chairman William P Foley II said Exeter was exactly the type of club the company wanted to invest in.

“Exeter is the type of asset we have been seeking as we transform Cannae into a focused portfolio of sports and entertainment businesses,” he said. “We have a proven track record of building successful sports and entertainment brands and we intend to bring that same approach to Exeter.”

Chief executive Ryan 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.”

The takeover has also received a warm welcome from PREM Rugby and the Rugby Football Union, with the Chiefs becoming the first American-owned club investment in the Gallagher PREM.