BILL Foley’s takeover of Cherries has finally been ratified by the Premier League, meaning the American businessman is the new owner of the Dorset club.
Approval for the reported £120million-deal sees control of the club move from Swiss-based Russian businessman Max Demin to Foley, who also owns National Hockey League side the Vegas Golden Knights.
Agreement had been reached back in October, with Foley visiting the Vitality Stadium to watch over Cherries' 2-1 win over Leicester City.
Aside from being the majority owner of the Vegas Golden Knights, the 77-year-old also chairs one of the US’ largest insurance companies, Fidelity National Financial, as well as Cannae Holdings, who are involved in the deal.
Foley will become chairman of the club, and will be in attendance when Cherries host Crystal Palace on 31 December.
The Daily Echo understands that previous chairman Jeff Mostyn will remain at the club in a new capacity.
Ultimately, Cherries will be owned by Black Knight Football and Entertainment (BKFE), which in turn is owned by Cannae Holdings, who hold a 50.1 per cent stake, with Foley controlling 25 per cent of shares.
The remaining 24.9 per cent of shares will be owned by a minority ownership group is led by actor, director and producer Michael B. Jordan and Nullah Sarker.
Cannae Holdings’ total commitment to acquire their share in BKFE will be $150.7m (£126.18m), paid in three instalments.
Around $49m (~£41m) will be paid by the end of this financial year (Q4 2022), with two further commitments of $38m in January 2023 and August 2023, indicating money ringfenced for investment in the playing squad for the next two transfer windows.
It is believed that due to the numerous parties involved in the purchase, the Premier League’s Owners’ and Directors’ test took longer to complete.
Part of the criteria of the test is whether a person can “either directly or indirectly… has any power to determine or influence the management or administration of another [Premier League] Club or Football League club”.
Cannae Holdings had previously signed a non-binding letter of intent to invest in Eagle Football Holdings LLC, who looked to invest in Ligue 1 side Lyon, as well as a debt commitment letter to John Textor, co-owner of Crystal Palace.
At the start of October, Cannae Holding terminated the commitment, ensuring that there would be no conflict of interest.
Cherries will be the third sports team in Foley’s portfolio, alongside NHL side Vegas Golden Knights and the Indoor Football League franchise, the Vegas Knight Hawks.
If Cherries manage to secure a second season of Premier League football, Demin will pocket a further £20m.
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