US businessman Bill Foley, who owns the Vegas Golden Knights NHL team, has completed his purchase of English Premier League football club AFC Bournemouth.
The club confirmed in a statement today (Tuesday) that owner Maxim Demin has sold his 100% stake to Black Knight Football, which Foley serves as the managing general partner of.
Foley attended Bournemouth’s win against Leicester City in October ahead of completing the deal, which has now been ratified by the Premier League. The takeover is worth a reported £120m (€140m/$149m).
Cannae Holdings Inc., which owns Black Knight Football, will hold a 50.1% interest in the club, with other investors to also form part of the ownership structure. The minority ownership group will be led by actor Michael B. Jordan and Nullah Sarker, who will work with Foley in areas such as global marketing and internationalisation of the club.
Prior to completing the takeover, Foley detailed plans to expand the capacity of Bournemouth’s Vitality Stadium, which is the smallest venue in the league. The stadium’s current capacity is 11,364.
In an interview with The Athletic, Foley detailed plans for Bournemouth to eventually play at a stadium with a capacity of between 20,000 and 25,000. This would be achieved either by expanding Vitality Stadium or demolishing the ground and building a new venue.
In its statement today, Bournemouth said that Foley has committed to increasing investment in the club’s first team and academy, as well as the fan experience at Vitality Stadium. Construction will also begin immediately on a new training centre, while Bournemouth’s women’s and girls’ teams will benefit from increased investment.
Foley, who will assume the role of chairman with immediate effect, 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 has led the construction of multiple sports venues in the Las Vegas Valley, including The Dollar Loan Center, City National Arena and Lifeguard Arena.