PREM Rugby has welcomed Black Knight Rugby as its first American ownership group after the company completed its takeover of Exeter Chiefs.
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The deal sees Black Knight Rugby, a subsidiary of Cannae Holdings Inc., acquire 100% of Exeter Rugby Group Ltd after the club's members voted in favour of the sale.
Despite the change in ownership, long-serving chairman Tony Rowe will remain as Chief Executive Officer to provide continuity as the club begins a new era.
The investment continues a growing trend of high-profile backers entering English rugby. Over the past 12 months, Red Bull has taken control of Newcastle Falcons, while British billionaire Sir James Dyson has invested in Bath Rugby.
PREM Rugby CEO Simon Massie-Taylor believes Black Knight's arrival is another significant step forward for the league.
"We are delighted to welcome Black Knight Rugby to the Gallagher PREM as our first American club investors in the competition.
"As proven owners in Premier League football with Bournemouth and in the NHL with Vegas Golden Knights, Black Knight understand elite sport and what it takes to build a high-performance environment on and off the pitch. Their arrival is another powerful signal of where English rugby and PREM Rugby is heading."
Massie-Taylor also paid tribute to Rowe, who oversaw Exeter's tranformation from a Championship club into one of Europe's leading sides.
"Exeter Chiefs are one of the great success stories of our game and Tony Rowe deserves enormous credit for everything he has built at Sandy Park and the legacy that he has created.
"To win two PREM titles and a European Cup is an extraordinary achievement. Tony's vision, commitment and passion for the club and the wider game have been central to everything Exeter have achieved and we are pleased to see that he will continue to play an important role at the club."
The PREM Rugby chief believes English rugby remains an attractive proposition for investors despite recent financial challenges across the sport.
"Outside of football the Gallagher PREM is the biggest sports league in the UK with a collective economy of £260 million, 450 professional players, nine million fans and a cumulative TV audience of more than 10 million.
"The Gallagher PREM is also the most competitive top-flight rugby competition in the world with six different champions in seven years and it remains one of the last major European sports properties still in its value creation phase.
"We have a clear plan, a growing fanbase, world-class players and the foundations to match our ambitions.
"New PREM investors like Black Knight Rugby at Exeter, Sir James Dyson at Bath and Red Bull at Newcastle are not just backing a club, they are backing a vision for the PREM. And that vision is to be The Best League in the World."
Black Knight already has extensive experience in elite sport, owning Premier League football club AFC Bournemouth and NHL franchise the Vegas Golden Knights.
Their acquisition of Exeter Chiefs marks another major overseas investment into English rugby, with PREM Rugby hoping the arrival of new ownership groups will help drive the competition's continued growth both on and off the field.
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All 10 Gallagher PREM club owners ranked by net worth (poorest to richest)
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10. Harlequins – Duncan Saville and Charles Jillings
Estimated combined net worth: £50m-£100m
Harlequins are owned by long-time investors Duncan Saville and Charles Jillings, who have been involved with the club since the late 1990s. While neither appears on major rich lists and their exact fortunes are unclear, they are widely regarded as among the least wealthy ownership groups in PREM.
9. Gloucester Rugby – Martin St Quinton
Estimated net worth: £50m+
St Quinton completed his takeover of Gloucester in 2024 and remains one of PREM's smaller-scale owners compared to the league's growing billionaire class.
8. Northampton Saints –
Estimated net worth: £150m
Barwell remains one of the most influential figures at Franklin's Gardens and has helped Saints remain competitive without the financial firepower enjoyed elsewhere.
7. Leicester Tigers – Tom Scott and major shareholders
Estimated combined net worth: £200m+
Leicester are unique among PREM clubs as a publicly listed company. Tom Scott is the largest individual shareholder, but ownership is spread across a number of investors rather than a single benefactor.
6. Sale Sharks – Simon Orange
Estimated net worth: £400m
The former CorpAcq chief executive has bankrolled Sale's rise over recent years and is among the wealthiest individual owners in English rugby.
5. Saracens – Dominic Silvester-led consortium
Estimated combined net worth: £1bn+
Nigel Wray may no longer be the controlling figure, but Saracens remain backed by a wealthy investor group led by businessman Dominic Silvester.
4. Exeter Chiefs – Bill Foley
Estimated net worth: £1.5bn
The proposed takeover by Black Knight Sports & Entertainment will hand control of Exeter Chiefs to American billionaire Bill Foley, whose sporting portfolio already includes AFC Bournemouth and the Vegas Golden Knights.
The arrival of Foley gives Exeter one of the wealthiest owners in world rugby and marks the beginning of a new chapter for the Devon club.
3. Bristol Bears – Steve Lansdown
Estimated net worth: £2.4bn
The Hargreaves Lansdown co-founder is one of the richest owners in British sport. Lansdown has invested heavily in Bristol Bears and the wider Bristol Sport group, helping establish the club as a regular challenger at the top end of PREM.
2. Bath Rugby – Sir James Dyson and Bruce Craig
Estimated combined net worth: £12.3bn
Dyson's arrival instantly transformed Bath's financial standing.
The inventor and entrepreneur acquired a 50% stake in the club to become an equal partner alongside long-time owner Bruce Craig. With Dyson's fortune estimated at around £12bn and Craig's wealth at approximately £300m, Bath now possess one of the richest ownership groups in world rugby.
1. Newcastle Red Bulls – Red Bull
Estimated corporate value: £20bn+
No club in PREM can match the financial muscle of Red Bull.
The Austrian energy drinks giant completed its investment in Newcastle Falcons, instantly giving the club backing from one of the world's most valuable private companies. While Red Bull is not owned by a single billionaire, its resources comfortably exceed those available to every other ownership group in the competition.
The deal has transformed Newcastle from one of the league's most financially vulnerable clubs into arguably its best-backed.
The verdict
PREM is increasingly becoming a competition of billionaires and global corporations.
Newcastle now boast the backing of Red Bull, Bath are supported by Sir James Dyson and Bruce Craig, Bristol have billionaire owner Steve Lansdown and Exeter are entering a new era under Bill Foley.
Just a few years ago, English rugby relied heavily on local benefactors and lifelong supporters. Today, some PREM clubs are backed by investors and businesses worth billions, creating a financial landscape unlike anything the sport has seen before.
Whether that wealth translates into trophies remains to be seen, but one thing is certain: the financial balance of power in PREM has changed dramatically.
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