Exeter Chiefs have confirmed a major ownership shift after Black Knight Rugby completed its takeover of Exeter Rugby Group Ltd.
The club announced on 30 June 2026 that Black Knight Rugby, a new subsidiary of Cannae Holdings, has purchased 100% of the shares following the earlier member vote that permitted the sale.
Tony Rowe CBE will remain as chief executive, giving Exeter continuity at the top while ending the long personal financial burden that underpinned the club’s rise from Championship operators to English and European champions.
Why the Exeter sale matters
The timing is important. English club rugby has been moving toward a more investable model, and this deal now places Exeter directly inside that conversation. Read Rugby Union recently reported that Gallagher PREM clubs are heading towards major investment; Exeter has now supplied the clearest live example.
Black Knight’s wider sports portfolio includes AFC Bournemouth, FC Lorient and Moreirense, while the Exeter statement said Rowe will sit on a three-person executive board alongside William P Foley II and Ryan Caswell.
PREM Rugby chief executive Simon Massie-Taylor described the arrival as a significant signal for the league, while RFU chief executive Bill Sweeney framed it as evidence that the professional system is becoming more sustainable and investable.
For Exeter, the immediate test is sharper than the corporate language. The new ownership must protect Sandy Park’s identity while giving Rob Baxter’s rugby programme enough backing to keep pace in a Gallagher PREM market that is becoming more aggressive, more global and less forgiving.
Source: Exeter Chiefs.
