Exeter Chiefs today announced that they have agreed to sell the club to a wealthy American investor, and will now ask the club’s membership to approve the deal.
Exeter are set to join Gallagher PREM rivals Newcastle and Bath in securing long-term funding. Newcastle Falcons became Newcastle Red Bulls, when the energy-drinks company took over the club last August, and Bath owner Bruce Craig recently sold half the club to billionaire Sir James Dyson.
These investments have come at a time where the PREM has pushed to formalise itself as a closed “franchise” league. The top flight will welcome expansion clubs, hoping to add two more sides to make a 12-team division by 2030. As of next season, there will be promotion or relegation in the PREM, and the ultimate aim is to have 20 professional clubs by 2040.
Proposal “very legitimate and exciting”
Exeter’s long-term financier, Tony Rowe, has been keen to unlock fresh funding for the past couple of years. Rowe, 77, has financed the club for nearly 30 years. He is also the chairman and chief executive of the club. While Rowe’s money has kept the club afloat, it is a public limited company so must be sold by the shareholders.
The club have not revealed the identity of their new backer whilst the negotiations are at a pivotal stage, but sources have indicated that it is a multi-sport investor. Their proposal is to be “very legitimate” and “exciting”. The club will hold an extraordinary general meeting on May 7th, where members will be encouraged to back the sale of the club, which was established in 1871.
Exeter’s rise
Since Rowe’s involvement with Exeter, the club has risen up the rugby pyramid. They were promoted to the top flight in 2010, and haven’t been relegated since. They also did the league and Champions Cup double in 2020.
Coach Rob Baxter, who has recently signed a new contract, saw that double-winning team disbanded, so he has been rebuilding the squad in recent years. The Chiefs finished in 9th last season, but are currently 4th in the table, seven points behind leaders Northampton Saints with six regular season games to go.
