A consortium led by US businessman Bill Foley that features Hollywood actor Michael B. Jordan has completed a takeover of Premier League club AFC Bournemouth, in a deal reportedly worth £120m.
Black Knight Football Club, of which Mr Foley is the managing general partner, has purchased a controlling share in The Cherries after previous owner, Russian-born British petrochemicals trader Maxim Demin, opted to sell his 100% stake after an 11-year association with the Dorset club.
Bournemouth confirmed the agreement, which has been ratified by the Premier League, also includes a number of limited partners, including a 50.1% interest for Cannae Holdings Inc and other investors. Many of these are backers of Las Vegas-based NHL ice hockey team the Golden Knights, which Mr Foley also owns.
Mr Jordan, who starred in Creed, Black Panther and The Wire, and business partner Nullah Sarker lead the new minority ownership group. Bournemouth posted a picture of the actor on social media, welcoming him to the club.
Welcome to #afcb, @michaelb4jordan pic.twitter.com/qLeLuCZ7hI
— AFC Bournemouth (@afcbournemouth)
With the agreement, Mr Foley will assume the role of club chairman and will attend the team’s next home match, against Crystal Palace on December 31.
In a statement posted by Bournemouth on social media, Mr Foley said: “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.
“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.”
The club wrote on its website that Mr Foley is “committed to increased investment” in the club’s first-team squad and academy, and will immediately begin construction of a state-of-the-art training centre. He will also increase financial commitment to the Cherries’ women’s and girls’ teams.
A message for #afcb supporters from Bill Foley pic.twitter.com/d6uJ4p8xA9
— AFC Bournemouth (@afcbournemouth)
Bournemouth, currently sitting in 14th place in the Premier League, play their home matches at the 11,379 capacity Vitality Stadium. Under Mr Demin’s stewardship the team rose through the football league pyramid from League One to the top tier in less than five seasons.
Mr Foley said: “Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist. Maxim’s support and involvement has allowed the club to establish itself as a top-flight team. We’d like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focuses on his other business endeavours.”
Around half of the 20 clubs competing in the Premier League have US owners, though the Glazer family has in recent months confirmed they are considering selling Manchester United, while Liverpool owners Fenway Sports Group are also reportedly exploring a possible sale.
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