The Exeter Chiefs could soon have new ownership as the English Premiership club looks to secure its long-term future.
According to The Times, Exeter have agreed in principle to a sale to a wealthy American investor, with members set to vote on the proposal at an extraordinary general meeting on 7 May.
Exeter’s long-time backer Tony Rowe has been seeking fresh investment for several years. The club reportedly posted losses of £10.3-million (R224-million) last year, and the 77-year-old is no longer in a position to continue funding the operation.
While the identity of the potential buyer has not been disclosed, The Times reports that the investor is involved in multiple sports ventures. Sources have described the proposal as both “very legitimate” and “exciting”.
ALSO: Billionaire buys stake in Bath
If approved, the deal would see Exeter join a growing list of Premiership clubs turning to external investment.
The Newcastle Falcons were taken over by Red Bull last year, while Bath recently sold a 50% stake to British billionaire Sir James Dyson.
Photo: Michael Steele/Getty Images
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