Shareholders of Prem Rugby side Exeter Chiefs have approved takeover talks with the American owners of Premier League club Bournemouth.
Exeter members and shareholders gathered at a meeting on Thursday where they voted overwhelmingly to allow the sale of the company to Cannae Holdings Inc’s (Black Knight Sports and Entertainment).
Exeter chairman and chief executive Tony Rowe said: “This does not represent a firm offer.
“It’s just a non-binding expression of interest at this point, but hopefully an offer will follow and we can start negotiating the terms of the sale.”
The Black Knight, who completed a takeover of Bournemouth in December 2022, also want to take full ownership of Exeter.
Exeter confirmed that any offer will be subject to a 60-day due diligence process, which will not be completed before the end of May.
Black Knight also has a stake in French football club FC Lorient and owns New Zealand’s Auckland FC.
The announcement comes just days after Exeter’s neighbors Cornish Pirates, who play in the second-tier Champ, announced US firm Stonewood Capital Management as investors in the club.
Exeter could become the third Prem team to receive significant investment in the last year, with Newcastle bought by Red Bull last August and billionaire Sir James Dyson having invested in Bath in March.
The Prem, which was renamed last summer, plans to expand from 10 to 12 teams from 2029, while also abolishing automatic promotion and relegation.
Exeter, who last won the Prem title in the 2019-20 season, are fourth after 14 games and next face Bath on Sunday.