Premier League: Bournemouth is latest club to be bought out by a US businessman
Premier League strugglers Bournemouth have been bought out by a US-led consortium including actor Michael B Jordan.
Owner Maxim Demin has sold his 100 per cent stake in the firm to Black Knight Football Club (BNFC), managed by American businessman Bill Foley.
The bid also has a number of high profile backers, including award-winning actor, director and producer Michael B Jordan, and Nullah Sarker. It is Jordan’s first entrance into sport ownership.
Foley is the managing general partner of BNFC alongside other partners, including a 50.1 per cent interest for Cannae Holdings.
The new owner, who attended the Cherries’ win over Leicester City in October, has had his deal ratified by the league as he committed to “providing the investment to sustain and build” the club.
This comes after a slew of clubs have been bought up or are now owned by American businesspeople, including Arsenal, Aston Villa, Fulham and Crystal Palace, all which are under majority US ownership.
Liverpool and Manchester United are also owned by US individuals, but both have suggested they might sell, while Leeds and West Ham have minority stakes from American interest.
Foley was founder and owner of the National Hockey League’s Vegas Golden Knights, the first major league sports team in Las Vegas.
In a statement on the club’s website, it said Foley would assume chairmanship immediately, and would be attending the club’s first home match on the last day of the year.
It also said the new owner will invest in the club’s first team, academy, women’s teams and constructing a new training centre.
“I have tremendous respect for the passion and support the Bournemouth community shows for this club and believe that connection to the community is the foundation for success of any sports team,” Bill said.
“We will move forward with an ‘always advance, never retreat’ approach that has defined all of my endeavours. I am committed to work with the best football and business minds available to enhance player development, facilities, and the fan experience to put AFC Bournemouth in the best possible position to succeed.”
Foley, who also bought a home in the area around the club, replaces Maxim after 11 years at the club, in which it moved from League One up to the Premier League in five seasons.
Bill paid tribute to his “belief and financial backing”, which without, “AFC Bournemouth might well have ceased to exist.”